The Fed is about to join the global rate cut cycle: There have now been 88 rate cuts worldwide YTD, the most since 2020. This puts 2025 on track for the 3rd-fastest global cutting cycle on record, according to BofA. The European Central Bank and the Bank of England have cuts rates 4 and 3 times this year, respectively. The Bank of Canada has cut rates 2 times, as has the Swiss National Bank, which became the first major central bank to bring rates back to 0%. Meanwhile, the Federal Reserve remains on hold with 0 rate cuts in 2025. US monetary policy is in its own world.(The Kobeissi Letter)