Since the start of this year, research has calculated central banks around the world have cut their key interest rates 148 times by a cumulative 12,488 basis points (bp). While the US has cut rates by 150 bp so far this year and the European Central Bank has left rates on hold – at already very low levels – Argentina has cut by 1700bp, Ukraine by 550bp and Pakistan by 425bp. Source: Datastream, AXA IM