Saxo Bank rules out US Fed reducing interest rates twice this year

Yasser Al-Rawashdeh, head of the Middle East trading department at Saxo Bank, said that it is unlikely that the US Federal Reserve will cut interest rates about twice this year.

In an interview with Al Arabiya Business, Al-Rawashdeh expected that the Fed would not intend to cut interest rates next July, as well as in September and November, due to the American elections.

He explained that the most likely scenario is that the Federal Reserve will cut interest rates once next December, indicating that it is unlikely that the Bank of England will cut rates next Thursday, and that there will likely be a cut next September.

He stated that other central banks will wait for signals from the US Federal Reserve to reduce interest rates.