Central Bank Commentary: Federal Reserve, Bank of England and Bank of Japan

From gianlucabenigno.substack.com

Over the past two weeks, the Federal Reserve, the Bank of England, and the Bank of Japan have all delivered policy decisions that, taken together, highlight a common late-cycle theme: policy rates are approaching neutral, but central banks remain cautious about declaring victory on inflation. The Federal Reserve has paused after a sequence of rate cuts, signaling that policy is now close to neutral but retaining a bias to ease further should inflation continue to soften. The Bank of England, by contrast, remains finely balanced, with a narrow 5–4 vote to hold rates underscoring growing internal disagreement over ... (full story)