2025 global monetary policy is ushering in a key turning point: next week, the Bank of Japan is poised to raise interest rates, the UK may face its final rate cut, and Europe remains inactive. If the Federal Reserve continues to cut rates next year, it will be 'going it alone', exacerbating global central bank policy divergence.

Wall Street warns that the pressure for the dollar to depreciate is building, and it may be difficult to avoid a decline in 2026.