Inflation is no longer on fire.

The era of high borrowing costs could be coming to an end.

That is the message from central banks’ governors who gathered at the US Federal Reserve’s annual conference at Jackson Hole last week.

The much-anticipated signal came from Fed Chair Jerome Powell, who has said the time has come for rate cuts, most likely in September.

That aligns it with other leading banks, which now seem more concerned about unemployment and economic growth than prices.

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