The US central bank also made an adjustment of the program's terms, setting minimum interest rate level at the interest of reserve balance, effective immediately, to block an arbitrage opportunity that banks have been taking advantage of.
Governor Macklem said the "Governing Council’s discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level"
Bank of Canada maintained its benchmark interest rate at 5% but warned about persistent underlying inflationary pressure.
G20's economic officials will gather in India next week to discuss ways to boost lending to developing countries from multilateral institutions and to reform the international debt system, Reuters cited unnamed Indian officials.
Bank of England on Thursday decided to raise its benchmark interest rate by 0.5% to 5%, larger than the market expectation of a 0.25% increase. The decision followed Office of Nation Statistics' publication of a 8.7% CPI inflation reading for the year to May on Wednesday.
Bank of England will conduct a system-wide exploratory scenario (SWES) exercise on the UK financial markets to see how well both banks and non-bank financial institutions can handle stress market conditions.
Inflation projections by Fed officials show that PCE inflation will not reach 2% by the end of 2025. Why the Fed expects to cut rate next year then?