Photo: Visitors at the fountains outside the headquarters of the Swiss National Bank in Bern, Switzerland, on March 20, 2023. Visitors at the fountains outside the headquarters of the Swiss National Bank in Bern, Switzerland, on March 20, 2023.

The Swiss National Bank surprised markets with the first interest rate cut among its global peers. Central bankers in Japan ended the most aggressive monetary stimulus in modern history. And the Federal Reserve held the line on U.S. borrowing costs. As Fed policymakers stuck to their path of lowering rates this year, the Bank of England also moved closer to cuts.

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