Central banks in western Europe may need to keep interest rates at high levels until 2025 — much longer than financial markets are expecting — to guard against stubborn inflationary pressures, the OECD has warned.
In its latest economic outlook, the Paris-based OECD said it expected the European Central Bank to hold its policy rate at current levels until the spring of 2025, while the Bank of England might not start reducing borrowing costs until the first months of that year.
That would mean keeping rates high for a longer time than the Federal Reserve, which the OECD said would start cutting in the second half of next year.
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