At the ECB, Christine Lagarde announces departure, saying she wants 'freedom to engage on matters that are not monetary policy matters'

Fed holds fire on interest rates despite intensifying inflation

According to the South China Morning Post, the US Federal Reserve on Wednesday held interest rates steady at a target range of 3.75 to 4.00 per cent, in line with market expectations, days before midterm elections where inflation has been a key issue. The Financial Times reported the Fed will vote on monetary policy seven times next year, down from eight. The New York Times reported that Chairman Kevin M. Warsh cited an information-rich period before the December meeting. CNBC reported two of the 12 voters dissented, both wanting a quarter-point rate rise. The vote was 10-2, according to the South China Morning Post. CBS News and IOL also reported the hold. TVC News reported analysts expected the hold, with markets pricing in at least one rate hike before year-end. Summary from 8 sources

Sources differ: TVC News described the hold as expected by analysts ahead of next week's meeting, while the South China Morning Post reported it as already decided on Wednesday.

Summary from 8 sources Financial Times first also South China Morning Post, The New York Times, TVC News, CBS News and 2 more

Europe’s central bank chief Christine Lagarde to step down nine months early

According to the Korea Times, ECB President Christine Lagarde will resign on February 7, nine months ahead of the end of her eight-year term, the ECB said Thursday. Al Jazeera English and Punch also reported the February departure, and The Guardian said she is stepping down to speak her mind about world affairs. The New York Times reported that the plan sets in motion a selection process among European leaders for a new central bank president. DW News reported that European Council President Antonio Costa said the process to find a successor is underway. The story is developing. Summary from 9 sources

Sources differ: Punch gives the departure date as February 7, 2027, while other outlets say only February.

Summary from 9 sources The Guardian Business first also Al Jazeera English, The New York Times, DW News, CNBC World and 2 more

Andy Burnham admits he would have liked more radical first budget

Prime minister says room for manoeuvre was limited by geopolitical crises and Labour’s 2024 manifesto Andy Burnham has admitted his first budget as prime minister was not as radical as he would have liked because of the economic uncertainty facing the country. He said he would have liked to have gon Excerpt, The Guardian Business

Source The Guardian Business