Major Central Banks Take Dovish Stance on 2023 Rate Moves While Eyeing Cuts in 2024
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The Bank of Japan raised rates for the first time in 17 years, ending negative interest rates, but took a dovish stance by ending quantitative easing policies.
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The Swiss National Bank unexpectedly cut rates, becoming the first developed central bank to do so in this rate cycle.
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The Bank of England held rates steady but indicated rate cuts may come soon as inflation moves closer to target.
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The Federal Reserve took a dovish tone, revising growth and inflation projections higher while keeping expectations for 2024 rate cuts.
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Gentle rate cuts by developed central banks in 2024 could create a mildly supportive environment for risk assets like equities.