Banks conform to delay simply as Fed pauses charge hikes

US Federal Reserve hikes interest rates by 0.75%


Federal Reserve Chairman Jerome Powell

(CNS): The local banks have agreed to give customers a 30-day notice before rolling out any more interest rate hikes, Premier Wayne Panton told a business audience on Wednesday, just after the US Federal Reserve paused its increases on interest rates in the United States after more than a year of regular increases, which have had a knock on effect here.

While the local retail banks have now agreed that they will wait for 30 days before implementing any further increases, there is no indication that they are willing to freeze interest rates, even though some people are now paying as much as 10% interest on loans, especially home loans, which is causing significant hardship for many families.

The decision by the Federal Open Market Committee (FOMC) in the United States marks a shift in how officials view the state of inflation, after dropping to 4% last month in the US. But this does not mean there won’t be further increases, as…