The Federal Reserve and the European Central Bank look poised to make “major progress” in cutting interest rates this year, according to the central bank of central banks. Agustín Carstens, general manager of the Bank for International Settlements, told CNBC on Monday that major central banks had so far made “very impressive advances” in lowering inflation and suggested that they could soon shift toward a looser monetary policy stance. “If everything goes fine, I think that, certainly this year, we will see major progress, especially toward the second part of the year,” Carstens told Annette Weisbach. BIS serves as a b ... (full story)