Global mergers and acquisitions activity rebounded strongly in 2025, supported by easing monetary policy in the United States, rising demand for artificial intelligence capabilities, and improving macroeconomic stability following a subdued prior year. Lower borrowing costs were a central driver of the recovery. Multiple interest rate cuts by the US Federal Reserve, including a third 25-basis-point reduction in December, lowered loan yields by more than 200 basis points over the year. The shift improved lev ...