UAE follows US Federal Reserve to leave rates unchanged

Inflation inching towards US central bank’s preferred levels

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A Christmas tree stands in front of the New York Stock Exchange. (Photo: AP)
by

A Staff Reporter

Published: Wed 13 Dec 2023, 11:05 PM

Last updated: Wed 13 Dec 2023, 11:13 PM

The Federal Reserve on Wednesday left interest rates unchanged for a third straight time at 5.25 per cent to 5.5 per cent, as inflation heads toward the US central bank’s 2 per cent goal.

The Central Bank of UAE (CBUAE) has also decided to maintain the base rate applicable to the Overnight Deposit Facility (ODF) without change at 5.40 per cent.

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Inflation by the Fed’s preferred measure, the personal consumption expenditures price index, dropped to 3 per cent in the latest reading, from more than 7 per cent at its peak in the summer of 2022.

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A Staff Reporter

Published: Wed 13 Dec 2023, 11:05 PM

Last updated: Wed 13 Dec 2023, 11:13 PM

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