Dear friends and colleagues:
The CFR Global Monetary Policy Tracker is updated through May 5. It’s been a quiet few weeks on the monetary front – quite a contrast to the trade front.
While the ECB cut its policy rate from 2.5% to 2.25%, the other major reserve-currency central banks held steady: the Fed at 4.38%, the PBoC at 3.1%, the BoJ at 0.5%, the BoE at 4.5%, the Bank of Canada at 2.75%, and the Reserve Bank of Australia at 4.1%. Mainly owing to our algorithm now classifying the BoJ as neutral (from tightening), our CFR Index of Global Easing (-)/ Tightening (+) falls slightly from -2.53/10 to -3.09/10. This represents mild global easing.
Please be sure to check out our new CFR Global Inflation Tracker, which covers nearly 200 countries over the past quarter century.
Sincerely, |
