ASX to drop as rates mantra rattles global markets

"Higher for longer could eventually translate into no Fed rate cuts in 2024," Oanda's Edward Moya said. "The Fed sees a labour market that is not weakening and the key drivers of inflation are still likely to keep prices elevated." Bank of England seen done Bank of England governor Andrew Bailey said it was too premature to consider cutting UK interest rates after policymakers opted to hit pause after 14 consecutive increases. "We can't be complacent about this," he said in an interview with UK broadcasters on Thursday. "Our job is to get inflation back down to the 2 per…