The Globe and Mail reports in its Wednesday edition that major central banks have delivered interest-rate cuts in 2025 at the fastest clip and largest scale since the financial crisis, while easing among policy-makers in developing nations also accelerated. A Reuters dispatch to The Globe says nine of the central banks overseeing the 10 most heavily traded currencies, including Canada's, lowered their benchmark lending rates in 2025. They delivered 850 basis points in easing across 32 rate reductions this year -- the biggest number of cuts since 2008 and the biggest scale of easing since 2009. Japan, however, raised rates twice. This marks a sharp reversal from 2022 and 2023 when policy-makers increased rates to combat inflation. The U.S. Federal Reserve, meanwhile, faces changing cross-currents of labour market and inflation dynamics. "During the course of 2025 we had this dynamic of the Fed in every meeting either going to stay put or cut, we were never discussing hikes," JPMorgan's head of global macro research, Luis Oganes, said. "But during the course of 2026 that's probably going to change, and particularly in the second half of the year, you're going to have a little bit more of a two sided risk."