Oil Prices Set for a Weekly Decline as Fed Signals Caution over Rate Cuts

  • 23-02-2024, 11:41
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    Crude oil prices look set to end the week with a modest loss after two Federal Reserve governors on Thursday said there will be no rush with rate cuts.
    The central bank should wait at least another two months before it cuts rates to make sure the recent rise in inflation is a temporary one and not the beginning of a new upward trend, Governor Christopher Waller said, as quoted by Reuters.
    “I would like to have greater confidence that inflation is converging to 2% before beginning to cut the policy rate,” another Fed Governor, Lisa Cook said, as quoted by Investopedia.
    Source- oilprice