The battle against inflation is being won And we have a higher likelihood of a softlanding So that sets the stage for central banksThe Federal Reserve, the European Central Bank, the Bank of England, and othersTo start easing their policy rates Once we know for sure that we are on thatpath The projection right now is that central banksAre going to be waiting to get a little bit more dataThey are going meeting by meeting, they are data dependentConfirming that we are on that path, that's the baselineAnd then if we are, then by the second half of the year we'll see rate cutsThe battle against inflation is being won And we have a higher likelihood of a softlanding So that sets the stage for central banksThe Federal Reserve, the European Central Bank, the Bank of England, and othersThe battle against inflation is being won And we have a higher likelihood of a softlanding So that sets the stage for central banksThe Federal Reserve, the European Central Bank, the Bank of England, and othersTo start easing their policy rates Once we know for sure that we are on thatpath The projection right now is that centralbanks Are going to be waiting to get a little bitmore data They are going meeting by meeting, they aredata dependent Confirming that we are on that path, that'sthe baseline And then if we are, then by the second halfof the year we'll see rate cuts The battle against inflation is being wonAnd we have a higher likelihood of a soft landingSo that sets the stage for central banks The Federal