Veteran economist Jim O’Neill says interest rates should stay around 5% for longer


Jim O’Neill, former chief economist Goldman Sachs Group, in Italy in 2019.

Alessia Pierdomenico | Bloomberg via Getty Images

Veteran economist Jim O’Neill says central banks will need to keep interest rates up around 5% across major economies for longer than the market expects, even as inflation subsides.

The U.S. Federal Reserve is broadly expected to hold interest rates steady at its next policy meeting in September, but market pricing suggests that the central bank will begin cutting in 2024, according to the CME Group’s FedWatch tool.

Traders will be closely watching the U.S. consumer price index reading later for July on Thursday for indications on the Fed’s future rate…


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