Asian Central Banks in No Rush to Follow Fed in Cutting Rates

(Nikkei Asia) — Earlier this year, most Asian countries wanted lower interest rates to gin up consumer spending and economic growth. But it was tough for Asian central banks to cut rates themselves ahead of the U.S., where the federal funds rate was at a 23-year high.

The U.S. Federal Reserve delivered a large rate cut of 50 basis points last week, bringing the federal funds rate to 4.75%-5% as it tries to steer the American economy to a soft landing.