Global central banks recalibrate as the big policy easing of 2024 fizzles

Six months ago the world's major central banks were primed for a move that anyone with a credit card or hoping to buy a home or run a business would cheer: A global shift to lower interest rates that would make borrowing cheaper and loans more available across the board.

Rate cuts are "a topic of discussion out in the world and also a discussion for us," Federal Reserve Chair Jerome Powell said in a press conference last December, when the mood among investors was giddy over the prospect of looser financial conditions, and organizations like the International Monetary Fund worried that Powell and company would jump the gun, cut rates too fast, and undermine efforts to tame inflation.
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 Reuters article titled "Global central banks recalibrate as the big policy easing of 2024 fizzles", the joint easing of monetary policy that was expected at the end of 2023 has largely fizzled. Major central banks have faced inflation that proved more persistent than expected, as well as economic and wage growth that proved more resilient. This has led to a recalibration of monetary policy by central banks.