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Financial News: Global Central Banks Near Victory Over Inflation, Says

Global Central Banks Near Victory Over Inflation, Says BIS

03/05/2024 - 05:36:00 (RTTNews)

(RTTNews) - The Bank for International Settlements said the global central banks are close to victory in the fight against inflation.

BIS Head of Monetary and Economic Department Claudio Borio said the decisive action taken by central banks prevented inflation from becoming entrenched.

BIS, which is the bank for central banks, expressed cautious optimism over inflation outlook.

"Markets moved with the waxing and waning of expectations of early policy rate cuts as central bankers dispelled excessive optimism," the BIS said its quarterly bulletin on Monday.

Central bank officials repeatedly said that the fight to bring inflation back to target could not be declared won yet.

"Central bank communication conveyed a sense of patience and caution, but financial market participants eyed a much easier stance ahead," the BIS report said.

Markets are expecting major central banks including the U.S. Fed to lower interest rates this year as inflationary pressures have started to ebb.

However, central banks continue to maintain that its too early to declare victory over inflation though many policymakers have started to call for discussions on interest rate cuts.

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