10 major central banks set to slash rates in largest coordinated easing since the Great Financial Crisis.

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According to Bloomberg data, 10 out of 11 major central banks are expected to slash rates in the second half of this year, the most in 16 years. The list of the 11 countries includes the United States, India, New Zealand, the United Kingdom, Canada, Australia, Norway, the Eurozone, Sweden, Switzerland, and Japan. As shown in the below chart, 91% of them are projected to cut interest rates in 2H 2024.

In the last 40 years, there was only one occurrence when all 11 were reducing borrowing costs. That was during the midst of the Great Financial Crisis in 2008. This time, the only exception is the Bank of Japan which in March raised rates for the first time in 17 years, ending the negative rates era.

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