Tariffs Are Making Rates Descent a Lot Trickier
Central banks avoided disaster on climbing down from high rates, but emerging markets did it best.
Time to catch up?
Photographer: Volker Dornberger/picture alliance/Getty
To get John Authers’ newsletter delivered directly to your inbox, sign up here.
Central banks have been embarked on the hazardous climb down from their high post-pandemic rates for two years now, and while nobody has succumbed to disaster, emerging markets seem to be emerging in the best shape. With the last central bank meetings of 2025 now imminent, it’s time for Points of Return to update its survey of this great descent, which we started at the beginning of last year. The research that follows has been compiled by Richard Abbey and Carolyn Silverman.