The first major central bank has moved to cut interest rates

The first major central bank has moved to cut interest rates

08 Jul 2024

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The European Central Bank (ECB) lowered its main lending rate from 4% to 3.75% but the Bank of England and Federal Reserve both opted to hold interest rates steady in June.

The UK’s landslide Labour win was one of many global political developments over the last 3 months. 

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Quarter in brief

• The European Central Bank became the first major central bank to lower rates in June
• The Bank of England and Federal Reserve held rates steady in the UK and US
• A snap election was called by President Macron in France
• Global and regional equity markets performed strongly
• UK DB pension scheme funding remains strong and gained further ground in Q2

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