Major central banks are tentatively eyeing the end of aggressive interest rate hikes as price pressures finally show signs of abating.
Inflation cooled to 6.4% in June, still far above its 2% target. Markets expect another 25 bps hike to 4% in September following a same-sized move in June.Swiss inflation continued falling to 1.6%, its lowest since early 2022, data on Thursday showed, putting it within the Swiss National Bank's target range for a second month in a row as investors assess whether the bank will deliver another rate hike in September.
The Bank of Japan, the world's most dovish major central bank, kept its interest rate target at -0.1% in July, but shook markets by making its yield curve control policyThe central bank kept its implicit cap on the 10-year bond yield at 0.5% but said that would be a reference rather than a "rigid limit", and signalled it would tolerate a rise up to 1%.
Reporting by Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei and Dhara Ransighne; Graphics by Vincent Flasseur, Sumanta Sen and Pasit Kongkunakornkul and Riddhima Talwani; Compiled by Naomi Rovnick and Chiara Elisei; Editing by Tomasz Janowski and Toby Chopra
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