HAMISH MCRAE: Federal Reserve's festive gift for Chancellor By Hamish Mcrae Updated: 16:51 EST, 16 December 2023 e-mail View comments Something happened here in Washington on Wednesday that reminded us all just how important America is to global finance. The US Federal Reserve's Open Market Committee duly made no change to interest rates, as did the Bank of England, the European Central Bank and the Swiss National Bank the next day. But what did change – the Fed's projections for its interest rates next year – has galvanised the markets, and that has profound implications for all of us. The Fed chairman, Jerome Powell, was cautious…
