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Capital Economics said on Monday that the temporary peace agreement between the US and Iran is expected to ease the immediate pressure on central banks to raise interest rates. Chief Economist Neil Shearing pointed out that it was already expected that the Federal Reserve and the Bank of England would keep rates unchanged this week, and now this is almost certain.Last week, the European Central Bank tightened policy, while in emerging markets, the previously anticipated rate hike in Indonesia may no longer happen, and the Czech National Bank is also expected to stand pat.Capital Economics also warned that the macro outlook remains challenging. In most major economies, the inflation rate will remain above target throughout 2026 and the first half of 2027, while economic growth is relatively weak.Shearing added that, given persistent inflationary pressures, some central banks may still take moderate precautionary rate hikes.

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