Analysts Anticipate Possible Rate Cuts in 2024 Amid Economic Slowdown

The European Central Bank and the Bank of England are expected to keep interest rates at their highest levels in several years amid efforts to fight high inflation, despite signs of slowing economic growth, according to Trading Economics. 

Nevertheless, traders are anticipating indications about the timing of rate cuts after the Fed unexpectedly committed to cutting rates three times in 2024 yesterday.

In a related context, the Federal Open Market Committee (FOMC), which oversees U.S. monetary policy, voted unanimously to leave the benchmark rate unchanged at the target range of 5.25% to 5.5%.