The Globe and Mail reports in its Wednesday edition that major central banks have delivered interest-rate cuts in 2025 at the fastest clip and largest scale since the financial crisis, while easing among policy-makers in developing nations also accelerated. A Reuters dispatch to The Globe says nine of the central banks overseeing the 10 most heavily traded currencies, including Canada's, lowered their benchmark lending rates in 2025. They delivered 850 basis points in easing across 32 rate reductions this year -- the biggest number of cuts since 2008 and the biggest scale of easing since 2009. This marks a sharp reversal from 2022 and 2023 when policy-makers increased rates to combat inflation as energy prices soared following Russia's invasion of Ukraine; Japan proved the exception this year, hiking rates twice. Some analysts expect that 2026 might bring a sea change, noting that recent months had already seen a distinct change in tone from several G10 central banks, especially Canada and Australia, raising the spectre of rate hikes to come. "We think the (European Central Bank) will hike next year and the RBA and BOC will get close to it," said James Rossiter, head of global macro strategy at TD Securities.