On 6 November 2025, analysts noted that major central banks including the Federal Reserve and the Bank of England are nearing the end of their rate-cutting cycles after holding policy rates steady or signalling caution. The view shifts markets away from a liquidity-led rally toward one reliant on fundamentals. Investors are adjusting expectations that easy money will no longer be a recurring tailwind, meaning valuations and earnings growth will face greater scrutiny in the coming months.