The global pivot: World central banks have cut rates 168 times over the last 12 months, the 3rd highest reading this century. The previous cycle peak was 196 cumulative 12-month rate reductions in June 2020. By comparison, following the 2008 Financial Crisis, global central banks cut rates as many as 249 times in the 12 months ending October 2009. While the US Fed was one of the last to join the rate cut cycle, two more rate cuts are expected by year-end. The Fed is joining the pivot in global monetary policy.(The Kobeissi Letter)