As evidence mounts that global economic activity is slowing, economists, financial markets and most central banks have become convinced that no further interest rate rises will be needed.
This week policymakers in the US, UK, Japan, and Switzerland all decided to keep rates on hold. Central bankers stressed the need to hold their nerve rather than tighten policy further as inflation continues to fall in most western nations.
“We have reached a milestone in the global monetary policy cycle,” said Jennifer McKeown, chief global economist at Capital Economics. “The global monetary tightening cycle has ended.”
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