With the last traces of the global inflation shock fading, the shift toward lower borrowing costs is about to maintain momentum as economies tread toward a new year fraught with unknowns. Now that the US Federal Reserve has joined rich-world peers with its own initial interest-rate cut, lingering worries about consumer prices are increasingly poised to give way to concerns about growth around the world, according to Bloomberg Economics. Its aggregate gauge of advanced-economy borrowing costs shows a decline of almost 40 basis points between now and the end of the year, and a further drop totaling more than double that amount by the time 2025 is out.