Part 5/9:
A critical examination of central banks reveals a pattern of initial resistance to the idea of rate cuts, which quickly shifted to reactive strategies once economic data began revealing weaknesses. The European Central Bank (ECB), for instance, declared that high interest rates would continue until inflation was under control, yet by mid-year, it found itself executing cuts amid ongoing inflation concerns. The Swiss National Bank and the Bank of Canada followed suit, mirroring similar trajectories of unexpectedly rapid rate cuts in their respective jurisdictions.