Global central banks are cutting rates: World central banks cut interest rates 15 times in May, the fastest monthly pace this year. This also marks one of the largest waves of rate cuts this century. To put this into perspective, in March 2020 and December 2008, central banks conducted 50 and 29 rate cuts, respectively. Last week, Europe cut rates for their 8th time this cycle. Meanwhile, the Fed continues to pause rate cuts as global banks cut. Uncertainty is shifting monetary policy.