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In case you missed it, the rate cuts have already started. They actually began last year among the major economies in India. If we are counting only DM countries, then Australia and New Zealand are first out of the gate; the latter smaller country beating the larger former by around a month. In a way, it is fitting how even in rate cuts there is escalation.
And in doing so, it has become perfectly clear what's got them so bothered. Well, perfectly clear about "what" if not so much about "why." Global trade is collapsing.