Central banks — the Fed (US), ECB (Europe) and BoJ (Japan) — set the price of money. Their stance is the master dial for global liquidity.
A dovish bank is cutting rates or easing — adding liquidity, supportive of risk. A hawkish bank is hiking or tightening — draining liquidity, a headwind. Two or more major banks easing together is a strong tailwind; two or more tightening is a strong drag.
The BoJ matters more than people think: for years it anchored global rates. When it shifts, it ripples through everything.
Rather than guess, Macro Intelligence infers each bank's stance from the recent trend in its policy rate, then weights it into the score.