Core Viewpoint - Most Federal Reserve officials believe that further interest rate cuts are appropriate as long as inflation continues to decrease, as indicated in the minutes from the December 9-10 meeting [1] Group 1: Interest Rate Decisions - Policymakers reduced interest rates to a target range of 3.5% to 3.75% in a 9-3 vote, marking the most dissent since 2019, with debates focusing on inflation versus labor market concerns [1][13] - Fed Governor Stephen Miran dissented in favor of a more aggressive half-point cut, while Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeff Schmid voted against the decision to keep rates unchanged [2] Group 2: Projections and Economic Indicators - Six out of 19 central bankers recommended that the benchmark rate should end 2025 at 3.75% to 4%, which is the range prior to December's cut, with the median forecast suggesting one interest rate cut for all of 2026 [3] - The unemployment rate rose to 4.6% in November, the highest since 2021, while the Consumer Price Index unexpectedly cooled to 2.7% [10] Group 3: Economic Context and Future Outlook - The recent government shutdown complicated the economic picture, with Fed Chairman Jerome Powell warning that job creation figures could be overstated by as many as 60,000 jobs monthly [9] - The US economy grew at a robust 4.3% pace, the fastest in two years, which raises concerns regarding inflation as the Federal Open Market Committee anticipates changes with four new regional presidents entering voting roles, all of whom have shown caution regarding rate cuts [11][12]

Core Viewpoint - The Swiss National Bank has decided to maintain its interest rate at 0%, indicating that the current economic outlook and future inflation do not necessitate a shift into negative interest rates [1] Economic Outlook - The decision reflects the Swiss economic outlook, which suggests stability and no immediate need for further monetary easing [1] Inflation Considerations - Future inflation expectations played a significant role in the decision, as the bank assessed that inflation levels do not warrant a reduction in interest rates [1]

Group 1 - The Reserve Bank of Australia (RBA) is expected to maintain the interest rate at 3.6% during the upcoming meeting, following three rate cuts since February this year [1][2] - Inflation has significantly decreased, and the labor market is nearing full employment, although there has been a slight increase in the unemployment rate [1][2] - The RBA has made substantial progress in reducing inflation, but aims to ensure that inflation remains sustainably within the target range [1] Group 2 - The Australian economy has shown signs of expansion, driven by a recovery in private demand, with economic activity growth accelerating [2] - The unemployment rate in Australia remained stable at 4.2% in August, indicating a resilient labor market despite some recent slowdowns in hiring activity [2] - Global uncertainties, including protectionist policies and geopolitical tensions, have not led to the worst-case scenarios anticipated by RBA officials [2]