Dear friends and colleagues:
The CFR Global Monetary Policy Tracker is updated through April 1.
Since last month, the ECB has cut its policy rate from 2.75% to 2.5%, and the Bank of Canada has cut its rate from 3% to 2.75%. The other leading reserve-currency issuing central banks have held steady: the Fed at 4.38%, the PBoC at 3.1%, the BoJ at 0.5%, the BoE at 4.5%, and the Reserve Bank of Australia at 4.1%. Given that our algorithm no longer classifies the Fed as being in easing mode, our CFR Index of Global Easing (-)/ Tightening (+) has soared from -8.55/10 to -2.54/10. With tariff-fueled inflation possibly heading up, a U.S. rate cut appears off the table for some time.
Please be sure to check out our new CFR Global Inflation Tracker, which covers nearly 200 countries over the past quarter century.
Sincerely, |
