The global rate-cutting cycle has begun, and today we will be looking at foreign banks and what they are doing with these cuts. Europe has cut rates to 3.75% from 4%, and Canada is the first G7 nation to cut rates to 4.75% from 5%.

These rate cuts are interesting to see because inflation is still not at the target threshold. The Fed and the market will be watching the effects of these global rate cuts to inform policy domestically.