CoreMacro Strategy Report

Central Banks In The Fog: Searching For Direction

Robert Timper, Chief Global Fixed Income Strategist Artem Sakhbiev, FX Strategist Mathieu Savary, Head of FICC

Published on

03 Nov 2025

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

Interested in the Executive Summary of this report?

Get instant access to this Executive Summary from BCA Research.

BCA Research | CoreMacro

BCA’s flagship global macro and investment strategy platform, helping investors anticipate regime shifts, connect signals across regions and asset classes, and navigate the world’s most difficult macro questions.

Learn more