The direction of monetary policy moves is diverging among the major economies, after a period of unusually synchronised interest rate rises in 2022 and 2023, as highlighted in Fitch Ratings’ latest ‘20/20 Vision’ chart pack. The Swiss National Bank (SNB) became the first major developed-market central bank to embark on an interest rate-cutting cycle. Meanwhile, two emerging-market central banks – Banxico and Central Bank of Brazil – both cut rates in 1Q24, as inflationary pressures continued to ease. SNB cut its policy rate in March by 25bp, to 1.50%, its first rate cut since December 2014 – when the policy rate was ... (full story)