$G10 CENTRAL BANKS SHIFT POLICY — BUT THE FED HOLDS FIRM 🏦

Global monetary policy is clearly pivoting — rate cuts are back on the table.

🔹 Switzerland becomes the first G10 nation to return to a 0% interest rate, cutting 25 bps this week.

🔹 Japan maintains at 0.50%, its highest level since 2008.

🔹 Bank of England holds at 4.25%, post-May’s rate cut.

🔹 Norway surprises markets by also cutting to 4.25%.

🔹 And the Fed? Still holding strong at 4.38%, marking its 4th straight pause.

This divergence is critical — while other central banks move to ease, the Fed remains the most hawkish in the G10 club.

💡 What this means for markets:

Liquidity conditions are improving globally — but dollar strength may persist as long as the Fed stays tight. Risk assets may rise elsewhere, but watch for divergence plays.

📊 Data Source: @KobeissiLetter | Chart: Augur Infinity

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