Overview of monetary policies worldwide in 2025

The reopening of the global economy after the 2020 lockdowns led to the same inflation dynamic in virtually all countries, with a strong increase in 2021-2022 followed by a retreat as of 2023. In the last few months, however, inflation has been less uniform. The US is close to overheating, China is on the brink of deflation, Japan is emerging from deflation after two lost decades, while Europe is struggling to reignite growth. In 2025, monetary policies will be less synchronised than in recent years, and will even move in opposite directions. This could have repercussions on the forex markets. In this note we propose an overview of the main countries.