Central banks are resuming their first-responder role as the world economy runs into trouble, even as they lack the firepower they once had at their disposal.
With Australia cutting interest rates Tuesday for the first time in three years and India likely to follow Thursday, monetary policymakers are again seeking to shore up weak growth and inflation.
Federal Reserve Chairman Jerome Powell signaled an openness to loosening if necessary. Former Treasury Secretary Lawrence Summers wrote on Twitter that the Fed should cut by 50 basis points over coming months, if not more, to ward off recession risks.