Part 6/9:
Even the Bank of England, previously one of the more hawkish banks, began reconsidering its stance, transitioning towards accepting cuts to combat stagnation. This widespread trend of shifting monetary policy reflects a broader worry about economic stability as 2024 progressed.
The Implications for Global Economies
The implications of these monetary maneuvers extend beyond mere interest rates. An analysis of commodity markets illustrates that anticipated recoveries never materialized, leading to OPEC repeatedly downgrading its oil demand forecasts. Other commodities have similarly stagnated, underlining a broader trend of economic malaise.