The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for May 2026.
Monetary Policy Report
Since the last Monetary Policy Report, the global economy—still grappling with the implications of tariffs—was further unsettled by the emergence of new tensions. The US Supreme Court’s decision in February 2026 to repeal previously imposed tariffs—and the subsequent proposal of a new 10 per cent tariff propelled uncertainty. In addition, the escalation of geopolitical tensions arising from the US-Israel conflict with Iran in late February 2026, heightened global economic uncertainty.
The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for November 2025.
The global economic system continues to contend with potentially disruptive policy pronouncements and actions. In April 2025, the United States (US) administration announced a wave of reciprocal tariffs on particular countries, including China, Canada and Mexico.
The global economy was plunged into uncertainty by a marked shift in trade policies by several key economies, most notably the US. The threat of the imposition of tariffs by the US on several countries during the first quarter of 2025 sparked financial market volatility.
The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for November 2024.
The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for May 2024.
As geopolitical tensions persist and intensify, global macroeconomic prospects may be undermined. Fresh conflict in the Middle East threatens to reignite inflation if energy prices increase and suppress economic growth.