Divided they cut

Thursday 11th December 2025

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The Federal Reserve cut rates by 25 basis points, its third consecutive cut this year, but there were several dissenters. Sally Auld talks through the decision, the statement and the dot plot, which now forecasts just one cut next year. Will that even be necessary? The Bank of Canada left rates on hold, whilst Christine Lagarde suggested that growth forecasts in Europe might be revised up. Sally suggests all three central banks could be reaching the end of their easing cycle, if they are not there already. Today, Australia’s employment numbers will be a focus, with trade data for Canada and the US still hopelessly out of date.

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