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Rate Cliff Awaits Global Economy After Higher-for-Longer Plateau
The new higher-for-longer stage of global monetary policy may last only until the early months of 2024 as central banks begin moving toward cutting borrowing costs. That’s the outlook foreseen by Bloomberg Economics, whose aggregate gauge of world interest rates is seen beginning a swift descent in the first quarter. In advanced economies, that shift will take only slightly longer to transpire before they too synchronize downwards. By the end of next year, only two of the 23 central banks in our quarterly global guide aren’t anticipated to have moved to rate reductions: borrowing costs in inflation-prone Turkey ... (full story)