% hiking

peak tightening

17.6

% cutting

100

75

50

25

0

-25

-50

-75

-100

2005

2010

2015

2020

Global Central Bank Policy Stance

Source: Macrobond, TD Securities

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Source: Macrobond, TD Securities

Global Central Bank Policy Stance

2005

2010

2015

2020

-75

-100

-50

-25

0

25

50

75

100

% cutting

% hiking

peak tightening

17.6

Peak tightening, bring on the cuts