Central banks globally are accelerating rate cuts amid economic stagnation. The European Central Bank (ECB) is notably aggressive, with euro money markets implying a 20% chance of a 0.50% reduction in December and almost fully pricing in 0.25% cuts at every meeting through April. Markets are pricing significant rate cuts through end-2025: -160 basis points for Canada, -150 basis points for the US, UK, Sweden, and New Zealand, -140 basis points for the Eurozone, -80 basis points for Switzerland, and -60 basis points for Australia. The ECB is considered the most mis-priced. Despite these cuts, real long-term yields are not decreasing, indicating that financial conditions remain tight and there is no positive impulse to growth. Bank of America's clients have shifted to a more hawkish stance following the September jobs report and GDP/GDI revisions, questioning the timing and necessity of the Federal Reserve's rate cuts. Cuts in November and December are still consensus, though some raised the possibility of a December pause. Morgan Stanley discussions continue to question whether the 50bps rate cut was a policy mistake.