OECD expects global economic growth to pick up only modestly as interest rate hikes put pressure on

The OECD released an economic outlook report, which predicted that the G20's inflation rate will drop from 7.8% last year to 6.1% this year and 4.7% in 2024, still well above the targets of many central banks. The Federal Reserve's benchmark interest rate is expected to peak at 5.25-5.5% soon, with two "mild" rate cuts in the second half of 2024.

The OECD also said that global economic growth will only pick up modestly next year as the full impact of central bank rate hikes has already emerged, weakening the boost from falling inflation.