Interest rates: Markets cheers after the Federal Reserve chief ...

Traders have ramped up bets of lower interest rates in the world’s largest economy after the US Federal Reserve pushed back the prospect of higher borrowing costs despite the disappointing progress being made on inflation.

“It’s unlikely that the next policy rate move will be a hike,” Fed chairman Jerome Powell said at a press conference following the policy meeting when the central bank left rates in the 5.25 per cent to 5.5 per cent range.

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