The rush began in Tashkent, capital of Uzbekistan, on Jan. 1. The former Soviet state enacted the first interest-rate reduction of 2015. Since then, the cuts have come thick and fast, with the People’s Bank of China on Saturday becoming the 17th central bank of 57 monitored by Bloomberg News to pare its benchmark.
By the end of this week, the list will probably include Poland. Some economists also forecast Australia and Canada will act for the second time this year.
Norway, Hungary and Thailand will all join the party this month, followed by South Korea in April, according to JPMorgan Chase & Co. economists led by Bruce Kasman. Out of room on rates, the European Central Bank is set to begin its 1.1 trillion euro ($1.2 trillion) bond-buying program.
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