A cross-market survey shows central banks in several regions signalling caution on near-term rate cuts despite easing inflation in pockets. Policymakers emphasised a reliance on forward guidance and data dependency rather than pre-emptive easing. Markets interpreted the stance as a reason for potential range-bound yields and muted cyclicality in risk assets until clearer disinflation emerges. Economists note that central-bank patience will influence portfolio allocation decisions, particularly for duration and emerging-market assets, which are sensitive to policy shifts.