Global Central Banks (Fed & ECB) Hold Firm: Service Inflation Restricts Early Easing

Monetary Policy Across Major Economies

Monetary authorities in the United States, the Eurozone, and Switzerland confirmed unified vigilance against entrenched service inflation, deflating market expectations for rapid synchronized rate reductions.

Where Major Central Banks Stand

• US Federal Reserve: Retains its 3.75%–4.00% target range with markets actively hedging a 25 bps hike in December.
• European Central Bank: Maintains its main refinancing operations benchmark at 2.50%, highlighting persistent regional wage growth.
• Swiss National Bank & Bank of Japan: The SNB anchors policy near 0% while the BoJ continues unwinding historic global yen carry trades, injecting volatility into currency markets.