Requiem For Rate Hikes

Last month was pivotal. Maybe "pivotal" isn't the right word. Let's call it "remarkable" instead. Why? Why was June remarkable? Because according to one bank, last month was the first in nearly four years without a rate hike. As the figure above, from BofA, shows, the last time no global central bank raised rates during a calendar month was October of 2020. Suffice to say policymakers believe inflation's beaten. Or else are concerned that the balance of risks has shifted enough that the in

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