Analyst Pin-board: Unexpected Aggressive Rate Cuts by Asia-Pacific Central Banks
Yesterday, there were three more central banks cutting their policy rates rather unexpectedly, namely India, Thailand and New Zealand (Figure 1). The level of aggressiveness really stunned us as well as surveyed participants. Those cuts seem to be directly associated with the gloomy perspective of GDP growth, caused by the spillover effects of the trade war. Similarly to the FED, central banks still believe that “this time is different” and are actively stepping ahead to support GDP growth, whose forecasts have been revised down massively.
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