Emerging-market central banks have been active buyers since the freezing of Russian reserves in 2022 underscored the vulnerability of foreign-exchange holdings.
The Treasury chief says recent inflation data and signs of labor market cooling justify a jumbo rate cut in September—followed by series of more reductions.
The investment bank projects pass-through to households will rise from 22 percent to 67 percent as the cost burden shifts from businesses to households.
Emerging-market central banks have been active buyers since the freezing of Russian reserves in 2022 underscored the vulnerability of foreign-exchange holdings.
The Treasury chief says recent inflation data and signs of labor market cooling justify a jumbo rate cut in September—followed by series of more reductions.
The investment bank projects pass-through to households will rise from 22 percent to 67 percent as the cost burden shifts from businesses to households.