As the Federal Reserve's policy meeting comes to an end on Wednesday, there is growing talk that it could lift interest rates in September – as most of the world continues on a path of slashing borrowing costs.
Some 92 percent of participants in CNBC's Fed Survey expect the central bank to begin hiking rates this year, and its statement – due to be released at 2 p.m. ET Wednesday – will be closely eyed for clues as to the timing.
It comes in month which has seen India, New Zealand, South Korea and Russia all cut rates, however, in an effort to give their economies a helping hand.
In fact, some 25 countries from Canada to Thailand and Romania have eased monetary policy this year, highlighting a difference with the U.S., which is getting closer to its first rate hike in nine years amid signs of recovery in the world's biggest economy.
"Months before the Fed is expected to hike rates, the divergences in monetary policy are plain for all to see," Nicholas Spiro, managing director at Spiro Sovereign Strategy, told CNBC.
"Indeed these divergences even extend to countries suffering from the same problems: a lack of growth and high inflation rates. Russia is cutting rates aggressively while Brazil continues to raise them."