Dear friends and colleagues:
The CFR Global Monetary Policy Tracker is updated through November 4.
North America continued to lead the easing trend, with the Fed cutting its policy rate from 4.13% to 3.88% and the Bank of Canada from 2.50% to 2.25%. The ECB held steady at 2%, the PBoC at 3%, the BoJ at 0.5%, the BoE at 4%, and the Reserve Bank of Australia at 3.6%. The CFR Index of Global Easing (-)/ Tightening (+) holds steady at -7.12/10: significant global easing.
All eyes will once again be on the Fed next month, when it announces its rate decision on December 10. Markets are currently assigning a 68% chance of a further 25bp cut at that time. Expect the meeting the day prior to be contentious, with inflation hawks getting louder.
Please be sure also to check out our CFR Global Inflation Tracker, which covers nearly 200 countries over the past quarter century. Sincerely,
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