Central banks make their differences clear in June

Overall rates look to move lower by the end of the year though the scale and pace will vary

June was a busy month for developed market central banks, with some beginning their cutting cycle and others maintaining caution
Most central banks look set for rates to be lower by the end of 2024 with the Bank of Japan a notable exception. The Federal Reserve appears set for slow and shallow monetary easing
A hesitant Fed will keep an upward bias to the US dollar while commitment to easing cycles will set the tone for peer currencies