Charting the Global Economy: Switzerland Surprises With Rate Cut

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Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:Officials in Zurich lowered their benchmark to 1.5%, the first such reduction for one of the world’s 10 most-traded currencies since the pandemic abated. The central bank’s revised down inflation forecast suggests “a fundamental reassessment of the momentum of inflation,” said George Moran, European economist at Nomura International Plc.

Hong Kong has fast-tracked into law domestic security legislation, prompting fresh warnings from the US, European Union and UK that the move could muzzle open discussion in the global finance hub. President Xi Jinping’s government tightened its grip over Hong Kong in the wake of mass pro-democracy protests that rocked the semi-autonomous Chinese city in 2019.

The BOJ finally ended an eight-year experiment with negative interest rates that has left more than $4 trillion in funds hunting for higher returns abroad. What comes next threatens to shake up money flows in Japan and across the world. One of the biggest questions is what happens to that big ball of money stashed overseas in assets including US government bonds, European power stations and Singapore equities. So far, markets have taken Japan’s first interest-rate hike since 2007 in stride.

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