I remember a time, not too long ago, when tallying up the total number of global rate cuts since 2008 and analyzing the rationale for each successive push further into the monetary policy Twilight Zone was damn near a full-time job.
Eventually it became clear that what was supposed to be a coordinated effort to fight deflation had morphed into an international DM currency war.
Well, given last week’s hawkish bonanza, we thought this was a good time to show you the following chart from BofAML which suggests that rate cuts, once a dime a dozen, are increasingly an endangered species…
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