Central Banks Keep Markets Guessing

Investors are navigating increasingly divergent signals from the world's major central banks as inflation and interest-rate expectations shift. The Reserve Bank of Australia has kept rates at 4.35% but left the door open to further tightening, while markets are watching fresh US inflation data for clues on whether the Federal Reserve could raise rates again this year. Meanwhile, the Japanese yen is weakening despite recent intervention, and gold has rallied as expectations for higher US rates fade. With monetary policy increasingly moving in different directions, what does this mean for currencies, bonds and precious metals in the months ahead?

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