Global Central Banks Shift Toward Rate Cuts As Growth Slows, Inflation Persists

• Swiss central bank kicks off G10 easing cycle with first rate cut since 2020 • Japan ends 8 years of negative rates, delivers first interest rate hike in 17 years • Money markets show traders expect ECB and Fed to start cutting rates in June • Emerging markets accelerate rate cuts - 5 central banks cut rates in March • Turkey stuns markets with surprise 500 basis point rate hike due to inflation outlook