Over the past two weeks, the Swiss National Bank, the Federal Reserve, the Bank of England, and the Bank of Japan have all announced their latest policy decisions. Among these, Switzerland remains the only economy where inflation is broadly consistent with the central bank’s target range. In contrast, inflation in the United States, the United Kingdom, and Japan remains above target. The Bank of England and the Federal Reserve continue to navigate a delicate trade-off between persistent inflationary pressures and rising downside risks to employment and economic activity. For the SNB and the Bank of Japan, the focus ... (full story)