The world's leading central banks have opened a fresh phase of interest rate cuts, spurred by a softening in inflation across advanced economies.
With inflation sliding closer to target levels, policymakers are keen to unwind some of the policy restrictiveness that's become a drag on growth.
But a significant outlier on the global monetary scene is raising eyebrows—and concerns—for an interest-rate-fueled rally in the stock market.
On Thursday, the European Central Bank (ECB) took its turn, delivering a second 25 basis point rate cut following a similar move in June.
While ECB PresidentChristine Lagarde...
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