Major central banks are confronting a policy dilemma as global economic growth cools and labour-market strength weakens, pushing them toward a more dovish stance. Inflation pressures are moderating in some regions, but financial-stability risks and embedded inflation expectations remain. In this environment, central banks may need to balance support for growth with inflation control, even as traditional tools lose potency. Uncertainty around policy effectiveness is increasing, as markets expect continued accommodation while analysts warn of limited upside in growth engines.