BIS urges top central banks to preserve their ammunition

LONDON, June 30 (Reuters): Bank for International Settlements (BIS) chief Agustin Carstens has urged top central banks to preserve their ammunition for more serious economic downturns rather than deplete it chasing higher growth.

Presenting the annual report of the Swiss-based BIS, dubbed the central bank for the world's central banks, Carstens told reporters, any easing needed to be considered carefully and done sparingly.

"We would stress that it is important to preserve some room for maneuver for more serious downturns," he said.

That message comes just weeks before the US Federal Reserve is expected to confirm a U-turn in global monetary policy and cut interest rates for first time since the financial crisis a decade ago.