US Fed starts easing path, other major central banks on hold

Central Bank Rate Changes - The U.S. Federal Reserve has implemented its first rate cut since December, diverging from other major central banks that have maintained their rates [1] - The Bank of Canada has reduced its key rate to a three-year low of 2.5%, marking its first cut in six months due to a weak jobs market [3] - The Swiss National Bank cut its key rate to 0% in June, with expectations that it will hold rates steady in the upcoming meeting [1][2] Inflation and Economic Outlook - The Swiss National Bank's inflation remains above the lower end of its target band, leading to expectations that negative rates are unlikely in the near term [2] - Sweden's Riksbank has cut rates significantly but anticipates holding rates steady, believing that current price pressures are likely temporary [4] - The Reserve Bank of New Zealand is expected to cut rates again due to domestic and global growth challenges, having already reduced its policy rate to 3% [5] Euro Zone and Future Expectations - Euro zone rate setters have kept their key rate at 2% for the second consecutive meeting, with indications that the ECB's rate cycle may be nearing its end [6] - Markets are pricing in a modest expectation of rate cuts by the ECB by next July [6] - The Federal Reserve signaled that further cuts are likely in October and December to support the job market, amidst a softening job market [7]