Expect the list to grow longer towards the end of the year
We had three rate cuts yesterday and two new entrants (highlighted) to the list this year. Turkey continued with their Erdogan-style rate cuts but it was the ECB that stole the spotlight as it reduced its deposit facility rate by 10 bps.
Joining them is the Danish central bank as they cut their key rate by 10 bps as well – mirroring the ECB – and that takes the tally above to 38 rate cuts this year.
Expect the list to expand further as we’re nowhere near close to the bottom just yet.