For the first time in a decade, the major central banks find their cycles pointing the same direction at the same time: headline inflation inside tolerance bands across the G7 and most of the G20, labour markets loosening without breaking, and policy rates everywhere above neutral with room to descend. The question occupying officials is not whether to ease but whether to coordinate the pace.
The case for loose synchronisation is exchange-rate stability — staggered cuts whipsaw currencies and re-import the inflation just conquered. The case against is sovereignty and circumstance: housing-market exposure, fiscal positions and wage dynamics differ enough that a common path would be wrong for someone at all times.
The likely outcome, according to officials familiar with the discussions, is choreography rather than coordination — a shared vocabulary about the destination and heavy telegraphing of each move. Markets have priced the descent; the institutions' task is making the landing as boring as the pricing implies.