Officials from the Federal Reserve and other major central banks around the world have hinted at a firm commitment to lowering or continuing to lower interest rates

Officials from three major central banks hinted on Friday that they will firmly lower or continue to lower interest rates in the coming months, marking the end of an era of high borrowing costs as the global economy emerges from post-pandemic inflation control. Federal Reserve Chairman Powell said at a meeting in Jackson Hole: "The time for policy adjustment has come." He almost promised that the Fed would cut interest rates at its September meeting. The determination of the start date for rate cuts, along with efforts by many large central banks around the world in the same direction, has eased some investor anxiety. After a milestone rate cut in June, several members of the European Central Bank - Finnish Central Bank Governor Rehn, Latvian Central Bank Governor Kazaks, Croatian Central Bank Governor Vujcic and Portuguese Central Bank Governor Centeno all indicated that they would support another rate cut next month.

Bank of England Governor Bailey said in a prepared speech that risks of persistent inflation are diminishing, implying an open attitude towards further rate cuts. However, neither Powell nor other Fed officials provided much guidance on how quickly they plan to continue cutting rates over the next few months. Diane Swonk, chief economist at KPMG said: "This is all about choice and adjusting how they 'descend'." "This speech clearly shows that their primary concern now is labor market." (Jinshi)