lending rate

Treasury Secretary Scott Bessent earlier this week called on the Federal Reserve to cut its key lending rate by half a percentage point at its next meeting in September.

This means the bank's key lending rate's target range remains at 4.25% to 4.5%.

The decision marked the fourth in a row without action, keeping the bank's influential lending rate hovering around 4.3%, where it has stood since December.

The decision marked the third in a row without action, leaving the bank's key lending rate hovering around 4.3%.

In the US, the central bank - the Federal Reserve - cut rates three times in the latter part of 2024, but held interest rates in March, meaning its key lending rate has a target range of 4.25% to 4.5%.