“Central bankers claim that they aren’t starting a currency war,” wrote market expert Ed Yardeni. “They deny that their policies are aimed at the competitive devaluation of their currencies. Let’s call it competitive ultra-easing.”
The Federal Reserve has famously been keeping rates low since the financial crisis. In recent months, the Bank of Japan has made stunning calls to devalue its own currency.
In recent weeks, many of the world’s other central banks have been cutting rates to keep up.
Here’s a map of recent cuts from Deutsche Bank’s recent House View report.