In a mega week for Central Bank news, after the seminal but small rise from the Bank of Japan into positive territory for the first time in eight years, the all options on the table no change from the RBA, the expected hold from the Bank of England, and the surprise 0.25% cut from the Swiss National Bank, the first such reduction for one of the world’s 10 most-traded currencies since the pandemic abated, we got the fully Monty from the FED, with another no change decision.
The recent poor inflation numbers have only nudged the governors a little in the hawkish direction; it will take more of a pickup in prices to jolt enough members away from three cuts this year, or perhaps less…
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