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**Reversal of Global Central Bank Policies: A New Market Rhythm Might Emerge in 2026**

Something interesting recently happened—the attitude of central banks around the world suddenly took a sharp turn. The market was originally eagerly expecting rate cuts, but suddenly the Reserve Bank of Australia, the European Central Bank, and others signaled rate hikes, and the situation reversed instantly. In just a few weeks, global monetary policy shifted from "expecting easing" to "worried about tightening."

The root cause is actually not complicated: inflation remains stubborn, and economic data isn't that bad, which gives central banks the confidence to raise rates. Central banks in G10 countries are now generally hawkish, with the exception of the Federal Reserve, which continues to cut rates, making it seem a bit isolated.

Currently, market volatility isn't particularly high, but some signals are beginning to flash— the yen is under depreciation pressure, U.S. Treasury yields are rising, and bonds in Japan, Australia, and Germany are beginning to behave abnormally. Once the global cycle truly shifts to rate hikes, capital flows in emerging markets might experience a wave of sell-offs.

Surface calm, underlying currents. The year 2026 might be far from simple.