We've seen some shock moves by central banks in the last week.
First, the Swiss National Bank cut interest rates by an unexpectedly large 50 basis points to 0.5% (one of the lowest interest rates in the world). They appear to be trying to weaken the Swiss franc against the euro, to help Swiss exporters. Here is the chart:
Then the European Central Bank cut interest rates by 25 basis points to 3.15%. Both France and Germany are in trouble, and the ECB lowered the eurozone growth forecasts for next year (2025). Here is the chart:
China also appears to be in trouble. Retail sales came in below expectations, and the yields on 30-year Chinese government bonds fell below 2%. China seems to be trying to export it's way out of trouble - but in addition to tariffs placed on it by the Biden administration and the first Trump administration, they've incurred new tariffs from the European Union. And when Trump comes back to power in the near year, he'll impose another round of tariffs on them.
Finally, there is the United States. Though they appear fine on paper, voters were unhappy enough with the economy to kick the Democrats out. The Federal Reserve will almost certainly cut interest rates this week.
When Trump becomes President again, the Fed will face considerable pressure to cut interest rates to weaken the dollar. (The dollar has been soaring as the rest of the world's economies weaken). The Fed may try to resist as a strong dollar prevents inflation taking off again.