Patience or paralysis? Economic dangers of Central Banks' caution

At this critical juncture in 2026, the global economy is undergoing what can only be described as a "test of prudence." The wave of interest rate pauses seen last week, spanning from Japan (0.75) to the United States (3.50-3.75) and from Continental Europe (2.00-2.75) to the United Kingdom (3.75), whispered something far more profound than mere statistics. We are no longer discussing the aggression of hawks or the naivety of doves, but rather the era of "wait-and-see" wisdom of an owl. Self-fulfilling prophecy The spectacle we witness on the global economic stage today is not a transient turbulence but the "chronicization" of crisis. The Iran crisis, which ignited on Feb. 28 and evolved into a fragile cease-fire this April, has become the most jarring laboratory of this new normal. We must acknowledge this calmly yet clearly: While the worst may be over in terms of immediate shock, we are entering a phase where things "deteriorate by habituation."