Through 2019, central banks in major developed economies have changed their monetary policy stance toward greater easing, even if it is premature to say that a full-scale monetary easing cycle has started.
In September alone, both the European Central Bank and the Federal Reserve moved: the ECB lowered the interest rate it pays banks on their overnight deposits to minus 0.5% and decided to resume bond purchases, while the Fed cut its rate by 25 basis points, following a cut of the same size in July.
