It has been a busy week for MarketScreener's's macro research teams. Following last night's Fed meeting, four European central banks met today.

Let's start with those closest to the shores of our offices by Lake Annecy: Switzerland. The Swiss National Bank has cut its key interest rate to zero. As we explained earlier this week, the SNB had to act, as the strength of the Swiss franc and the fall in energy prices at the beginning of the year pushed inflation into negative territory.

No surprise from the Riksbank, but a surprise from Norges Bank

In Sweden, the Riksbank – the world's oldest central bank – lowered its key interest rate to 2%.

While the cycle of monetary easing seemed to have come to an end at the beginning of the year, this decision is rather due to weak growth.

Given moderate inflationary pressures, the Riksbank is considering a further 25 basis point cut in September.

While the Swedish central bank's move was expected, Norges Bank surprised investors by cutting its key interest rate for the first time in five years, to 4.25%.

Although such a move had been considered in March, Norges Bank ultimately decided to hold off due to higher-than-expected inflation data.

Today's decision is justified by inflation now being under control. "Inflation has fallen since the March monetary policy meeting, and the inflation outlook for the coming year points to lower inflation than previously expected," Norges Bank Governor Ida Wolden Bache said in a statement.

Gradual and progressive approach for the Bank of England

As expected, the Bank of England kept its key interest rate unchanged at 4.25%. Six governors voted for status quo, while three voted for a quarter-point cut.

After disappointing employment figures last week (the unemployment rate is at its highest since 2021), dissenting members rightly highlighted "a significant easing of labor market conditions."

At this stage, the majority of governors therefore prefer to maintain the "gradual and gradual" approach. However, given the signs of a slowdown in the labor market, rate cuts are expected later in the year.

Markets are anticipating two 25-basis-point cuts by the end of 2025, with the next cut expected in August.