Deep into global industrial contraction:

Not that rate cuts are expansionary, of course, but that they think they are. As the barber quipped, ‘no matter how much I cut off, it’s still too short’ :

Central Banks Across Asia Cut Interest Rates

The Reserve Bank of India cut its benchmark repo rate for a fourth straight meeting by a deeper-than-expected 35bps to 5.4%; the Reserve Bank of New Zealand slashed its official cash rate/OCR by a larger-than-expected 50bps to a fresh record low of 1%; and the Bank of Thailand unexpectedly lowered its policy rate by 25bps to 1.5%.