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Global easing cycle appears to peak as markets adapt to tighter policy
Major central banks may have completed their rate-cut cycles, prompting markets to prepare for tighter conditions ahead.
On 6 November 2025, analysis of major central banks indicated the era of broad monetary-easing is winding down. The Federal Reserve, Bank of England and other G10-peers have paused or slowed rate-cuts, signalling a shift to ‘less-accommodative’ conditions. Markets are adjusting: small-cap stocks and less-leveraged names are getting increased attention amid concerns that liquidity tailwinds may fade. While the next Fed move may still be a cut, the cumulative magnitude and frequency of easing appear to have peaked.