Major Central Bank Policy Stances Amid Market Turmoil

By Brunello Rosa and Nato Balavadze

9 April 2025

In this paper, we discuss:

• In this article we discuss:
• The consequences on financial markets from the Liberation Day’s announcements; 
• Why the Fed needs to be cautious before cutting rates, to preserve credibility and independence; 
• How the ECB is likely to continue its easing cycle in April; 
• The BoE’s likely rate cut in May, which may be followed by an acceleration in the easing cycle; 
• Why the BoJ is unlikely to increase rates in the near future.

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