, Columnist
The Global Rate-Cut Debate Is Playing Out in a Bangkok Drama
The PM is leaning on the central bank to ease rates — and he may have a point as inflation is retreating.
Rate-cut debate Thai style.
Photographer: Andre Malerba/BloombergThis article is for subscribers only.
From villains to heroes. If there's one theme that has dominated markets in the opening days of the year, it's been breathless speculation about which central bank will cut interest rates first and by how much: It’s no longer if, but when. There's little doubt that borrowing costs will be lower in many key economies well before the end of 2024. Even the notoriously hawkish Bundesbank is on board.
That is what makes a rancorous debate within Thailand so compelling.