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Investment Weekly

Global central banks – can you cut it?
19 September 2025
    Articles

    Chart of the week – Global central banks – can you cut it?

    Chart of the week – Global central banks – can you cut it?

    This week’s 25bp rate cut by the US Federal Reserve was billed by Chair Jerome Powell as a “risk management cut”. While core inflation remains well above the Fed’s 2% target, it was signs of weakness in the labour market that ultimately proved decisive in the FOMC’s decision. Put together, the macro signals point to a “stagflation lite” environment of weaker growth and still warm inflation. For now, stock markets continue to look through it. But can that last?

    More from this week:

    Market Spotlight

    • India – three factors to watch

    Lens on…

    • Japanese rally
    • Private credit resilience
    • Gold rush

    Read the full commentary PDF, 3.20MB

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