Alex Ridgers, StoneX Global Head of Retail Dealing Desk, explains the diverging strategies of major central banks and their impact on global markets.
The Federal Reserve lowered rates by 25 basis points, with Jerome Powell stressing caution on both further cuts and holding steady. “There’s dangers to holding and dangers to cut further”. Markets expect a dovish tone and additional easing to follow, as more central bankers prepare to speak in the coming week.
The Bank of England kept rates at 4 percent, in line with expectations due to inflation pressures. Ridgers noted that the BOE also adjusted its quantitative tightening program, reducing bond sales from 100 billion to 70 billion per year.
Unlike the U.S. and UK, Europe’s monetary policy has shifted out of focus with rates steady at 2 percent. Ridgers highlighted that “All the focus in Europe is just on inaction, weak governments”, underscoring the drag of political uncertainty rather than monetary decisions on the eurozone economy.
Ridgers identified potential winners from lower rates, including retail, housing, and utilities, while banks and insurers may struggle. “When we’re talking about rate cuts we’re talking about retail, house builders and utilities”. For investors, the key will be watching inflation trends in the U.S. and UK, and signs of policy shifts or stronger governance in Europe.
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--- Written by Frederic Guetin, StoneX TV Producer
--- Expert: Alex Ridgers, StoneX Global Head of Retail Dealing
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