Officials from three of the world’s major central banks on Friday signalled they are firmly on course to lower — or continue lowering — interest rates in the coming months, marking the beginning of the end for an era of high borrowing costs as the global economy slips out of the grip of post-COVID inflation.

“The time has come for policy to adjust,” Fed chairman Jerome Powell told an annual gathering of global policymakers and economists in Jackson Hole, Wyoming, all but committing the US central bank to lowering rates when officials meet in September.

Bloomberg