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Markets ready for more as Switzerland starts clock on rate cuts

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Markets are racing ahead to bet on big central banks lowering borrowing costs after Switzerland on Thursday delivered a surprise rate cut, but analysts cautioned that policymakers elsewhere won't find it as easy to call time on the inflation fight.

A view of the headquarters of the Swiss National Bank , before a press conference in Zurich, Switzerland, March 21, 2024. REUTERS/Denis Balibouse/File PhotoEuropean central banks may need to wait on the Fed - investors

Caution remained as to whether the U.S. Federal Reserve would rush rate cuts given that inflation in the world's biggest economy is running hot. "I doubt anyone would think Switzerland is the sun around which everyone else gravitates, but the fact they have crossed this threshold has to matter," said Chris Jeffrey, head of macro strategy at Legal & General Investment Management.Money markets moved to price a 90% chance of an ECB rate cut by June from less than an 80% chance late on Wednesday. BoE expectations moved to a roughly 70% chance of a June cut, from less than 60% on Wednesda .

 

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