Central banks signal a slower path on rates

Policymakers are converging on patience, but the reasoning behind it differs sharply from one economy to the next.

The language has shifted from urgency to watchfulness. Where statements once counted months, they now count data releases — a sign that the next move depends less on a plan than on what arrives in the meantime.

For households the practical question is narrower: whether the cost of a mortgage renewal in eighteen months looks like today’s, or like the decade that preceded it.

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