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JUNE was a pivotal month for global monetary policy.
The European Central Bank raised its key policy rates by 25 basis points. The US Federal Reserve unanimously kept the federal funds rate unchanged at 3.5 to 3.75 per cent, but new Fed chair Kevin Warsh ushered in a new era seeking to re-establish the institution’s inflation-fighting credibility.
Markets have increasingly priced in the possibility that the Fed could shift its policy path, with some even expecting another rate hike before year-end.
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