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Chidu Narayanan, economist at Standard Chartered, suggests that their Monetary Conditions Indices (MCIs) indicate that monetary conditions have continued to tighten globally.

Key Quotes

“Falling inflation, soft credit growth and higher real effective exchange rates (REERs) have combined to tighten conditions since end-2018. Monetary conditions are already close to their tightest in three years in several countries, and are tightening further.”

“Central banks in Malaysia, New Zealand and the Philippines cut policy rates this week, in line with our call. We expect rate cuts from India, Indonesia and the Philippines for the rest of 2019; most other central banks are likely to maintain a dovish outlook.”