The end is near for policy easing among big central banks

Core Viewpoint - Major central banks are nearing the end of their rate-cutting cycles, with some, like the U.S. Federal Reserve and Bank of England, having room for further easing [1] Group 1: Central Bank Actions - The Swiss National Bank has maintained its key rate at 0% since June, with inflation unexpectedly falling to 0.1% in October, which is not expected to lead to negative rates [2] - The Bank of Canada cut rates to 2.25%, the lowest in over three years, but signals that further cuts are unlikely [3] - Sweden's Riksbank held its policy rate at 1.75%, indicating stability unless inflation and growth outlooks change [4] - The Reserve Bank of New Zealand cut rates by 50 basis points to 2.5%, with potential for another cut in late November, complicated by inflation at the top of its target band [5] - The European Central Bank held its main deposit rate at 2% for the third consecutive meeting, with traders pricing in less than a 50% chance of further easing by July 2026 [6] - The U.S. Federal Reserve executed a 25 basis point cut but indicated uncertainty in future cuts due to data gaps from the government shutdown, with a reduced probability of a December cut [7][8] - The Bank of England voted 5-4 to keep rates unchanged at 4%, with a potential cut in December following the government's budget announcement [10]