Rate cuts, who will cut first between the ECB and the Fed?

“Overtaking” seems the most likely scenario: according to all evidence the ECB should move first on the interest rate front. It’s not really a decoupling, a full-blown divorce, but a time lag yes. After starting late compared to the Fed, the roles are now reversed: initially the American central bank went ahead, in April 2022, bringing the reference rate into the 0-0.20% range.