Over the past two weeks, the Federal Reserve, the Bank of England, and the Bank of Japan have all delivered policy decisions that, taken together, highlight a common late-cycle theme: policy rates are approaching neutral, but central banks remain cautious about declaring victory on inflation. The Federal Reserve has paused after a sequence of rate cuts, signaling that policy is now close to neutral but retaining a bias to ease further should inflation continue to soften. The Bank of England, by contrast, remains finely balanced, with a narrow 5–4 vote to hold rates underscoring growing internal disagreement over the ... (full story)