Central Banks In The Fog: Searching For Direction

31 Oct 2025

by Robert Timper, Chief Global Fixed Income Strategist Artem Sakhbiev, FX Strategist Mathieu Savary, Chief Strategist, Developed Markets ex US & Head of Research Innovation

Monetary Policy

Business Cycles

Currencies

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

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