According to Odaily, the European Central Bank (ECB) has reduced its deposit facility rate from 3.5% to 3.25%, aligning with market expectations. Additionally, the main refinancing rate and the marginal lending rate have been adjusted from 3.65% and 3.9% to 3.4% and 3.65%, respectively. Traders' bets on further rate cuts by the ECB remain steady, with a 25 basis point reduction anticipated in December.
According to Odaily, James Knightley, Chief International Economist at ING, has indicated that the Federal Reserve may reduce interest rates by 50 basis points for the remainder of this year. Knightley explained that the Fed's current approach is focused on risk management. Unlike most central banks that have a single objective of reducing inflation to 2%, the Federal Reserve has two primary goals: price stability and full employment. If the Fed is confident in achieving its inflation target, it may shift its focus to supporting employment.Knightley suggested that a 25 basis point rate cut in November, followed by another cut in December, would be very appropriate. He also predicted that the Federal Reserve might lower rates to around 3%-3.5% by the summer of 2025.
According to Foresight News, Fox Business journalist Eleanor Terrett reported that Ripple's Chief Legal Officer highlighted October 16 as a significant deadline in the ongoing case between the U.S. Securities and Exchange Commission (SEC) and Ripple. The SEC may overlook this deadline without a Pacer filing. Eleanor Terrett has sought comments from both the SEC and Ripple's Chief Legal Officer.Previously, Ripple's Chief Legal Officer Ashley Prosper stated that October 16 is the final deadline for the SEC to disclose its reasons for the appeal.
According to Odaily, Goldman Sachs has forecasted a series of interest rate cuts by both the Federal Reserve and the European Central Bank over the next two years. The investment bank anticipates that the Federal Reserve will implement consecutive 25 basis point rate cuts from November 2024 to June 2025, ultimately bringing the target range to 3.25%-3.5%. This prediction reflects expectations of a gradual easing of monetary policy in response to economic conditions.In addition, Goldman Sachs projects that the European Central Bank will begin its rate-cutting cycle in October 2024 with an initial 25 basis point reduction. The bank expects this trend to continue with successive 25 basis point cuts until the policy rate reaches 2% by June 2025. These anticipated actions by the ECB are seen as measures to support economic growth and stability within the Eurozone.
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