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chairjerome powell suggested as much. as we approach the end of the year, it s natural to look back on the progress that has been made toward our dual mandate objectives. inflation has eased from its highs, and this has come without a significant increase in unemployment. these are things we want to see. why might the rate hiking cycle has included 11 increases. government data showed inflation dropped from 9.1% in mid-2022 to 3.1% in november. that is above the target of 2% and jerome powell cautioned the committee had not ruled out raising rates again in the future. for wall street the dowjones international average jumped to record close. this is the third time in a row of the central bank decided against another rate hike. for investors satisfied with what the fed has done is when it will start cutting rates? there is a lot to digests in america big questions about whether a cut is likely. we will talk about that than i want to come onto the uk and europe. what is y ....
earl to it s coming. wait for it. it is to early to spectate it s coming. wait for it. it is to early to spectate by it s coming. wait for it. it is to early to spectate by cutting - early to spectate by cutting interest rates, we have to see more progress, i m encouraged by the progress, i m encouraged by the progress that we have seen but it is too early to start speculating that we will be cutting soon. weight it was worth waiting for. victoria scholar, head of investment, interactive investor we heard from the bank of england, let s talk about the ecb and the bank of england, no great surprise rates didn t move. what everyone is pouring over is any indication about when rates might come down, as we heard there we shouldn t get our hopes up, should be? heard there we shouldn t get our hopes up, should be? know, for uk money markets. hopes up, should be? know, for uk money markets, they hopes up, should be? know, for uk money markets, they are hopes up, sho ....
to early for speculation. earlier i put that to victoria scholar is head of investment at interactive investor. the uk money markets, they are anticipating rate cuts next year but not untiljune, that is when the first rate cut is pencilled in. that was actually pushed back after today s decision, from the previous estimation that the bank of england would cut rates in may. financial markets are pricing in a one percentage point move of rate cuts in 2024, that would get down to 4.25% from where it is now. but the governor was a lot more cautious than the markets, he says the markets have their own view and he thinks it is too early to speculate about rate cuts. clearly, he s been about rate cuts. clearly, he s been a lot more dependent on the data. i think this main takeaway is that the bank of england is being more cautious in its outlook than the fed. it cautious in its outlook than the fed. , , . fed. it is interesting that the lan . ua . e fed. it is interesting that ....
federal reserve believe interest rates are at or near their peak, even going as so far to signal of three possible because next year as us inflation continues to receive from its ao year high. during his frescoes, jerome powell suggested as much. we his frescoes, jerome powell suggested as much.- suggested as much. we are seeinu suggested as much. we are seeing strong suggested as much. we are seeing strong growth - suggested as much. we are seeing strong growth that l seeing strong growth that appears to be moderated, a labour appears to be moderated, a labour market that is coming back labour market that is coming back in labour market that is coming back in the balance by so many measures back in the balance by so many measures and we are seeing inflationary progress. this is what inflationary progress. this is what we inflationary progress. this is what we have been wanting to see what we have been wanting to see. y . ., what we have been wanting to see. .., . ....
mid-2022 from its peak of 1.9% in mid 2022 tojust 3.1% from its peak of 1.9% in mid 2022 to just 3.1% in november. that is above the beds target of 2% and jerome bed s target of 2% and jerome powell cautioned the committee had not ruled out raising rates again in the future. still, wall street, all three markets finished higher and the dow jones industrial average jumped more than 500 points to a record close. this is the third time in a row after all that central bank decided against another rate hike. for investors are satisfied that the fed is done, the only question on their minds is when will the fed start cutting them? what happened in the us overnight? i talked to someone from t rowe price earlier and asked her what the fed s decision means the rest of the world. j decision means the rest of the world. ~ , , ., , world. i think this is a very aood world. i think this is a very good question world. i think this is a very good question on - world. i think this is ....