A key member of the US central bank, Raphael Bostic, tells the BBC rates might only ease "at the end of 2024".

A key member of the Federal Reserve, the US central bank, has told the BBC that inflation is only coming down “very, very slowly” and “let’s not be in a hurry” on interest rate cuts.

Raphael Bostic, the President of the Atlanta Federal Reserve, told BBC News that US interest rates will have to be kept at a “restrictive level” and might only ease “at the end of 2024”.

Expectations of a delay to US interest rate cuts has sent reverberations around the world economy in recent weeks, impacting government borrowing costs, including in the UK.

At the beginning of the year, markets expected a series of rate cuts in the US and across Europe.