Last week was defined by widening divergence among the world’s major central banks and an ambiguous data landscape. Of the three systemically important central banks holding policy meetings, only the Bank of England followed the Fed’s lead in cutting rates. It delivered a 25 basis point cut to 3.75%, though the narrow 5-4 vote and cautious rhetoric signaled that further easing is far from guaranteed. Meanwhile, the ECB maintained a “hawkish hold,” signaling an extended pause to ensure inflation remains tethered. The Bank of Japan hiked rates by 25 bps to 0.75%—a 30-year high. The dovish press conference from Governor ... (full story)