Big central banks' forecasting lens gets fogged by US tariffs

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moving back towards negative rates, Japan's resolve to drop ultra-easy monetary policy is wobbling, and baffling U.S. data could keep the Federal Reserve in wait-and-see mode.Here's a look at where 10 developed-market central banks stand.1/ SWITZERLANDThe Swiss National Bank next meets on June 19, and traders see a one in three chance that it will pull rates back into negative territory from 0.25% currently after consumer prices fell for the first time in four years.The safe-haven Swiss franc has gained 10% against the dollar so far this year on geopolitical and market volatility. That's challenging Switzerland's export-heavy economy and cheapened imports, giving the SNB reasons to be wary about deflation.2/ CANADAThe Bank of Canada held rates at 2.75% on Wednesday and said another cut might be necessary if the economy weakened in the face of tariffs.The BoC has held rates for a second time in a row after an aggressive cutting cycle which shrunk rates by 225 basis points over nine months. Markets price in a roughly 85% chance of another quarter-point cut by September.3/ NEW ZEALANDMoney markets expect the Reserve Bank of New Zealand to hold steady on July 9 after a 25 bps rate cut to 3.25% in May to protect the China-focused economy. The RBNZ also warned that global trade uncertainties made future moves unclear.4/ SWEDENSweden's central bank left its key rate unchanged at 2.25% in May but with on-again-off-again U.S. tariffs now having contributed to an economic contraction in the first quarter, the Riksbank has signaled more easing ahead. Its next rate decision is on June 18.5/ EURO ZONEThe ECB cut rates as expected on Thursday and kept all options on the table for its next meetings even as the case grows for a summer pause in its year-long easing cycle.It has lowered rates eight times in the last year, and markets price in one more rate cut by year-end.6/ UNITED STATESThe Fed, under consistent fire from President Donald Trump for resisting rate cuts, is expected to hold steady at its next June 18 meeting as tariff uncertainty makes wait-and-see its best option for now.With businesses spooked by Trump's aggressive trade talk, layoffs have increased, manufacturing orders have slumped and factory gate prices have surged, indicating stagflation risks that could moderate if the White House softens its stance.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5005,973.23 +2.42 (+0.04%)Dow 3042,413.29 -14.45 (-0.03%)Nasdaq19,494.96 +34.47 (+0.18%)Russell 20002,098.48 -4.50 (-0.21%)VIX17.55 -0.06 (-0.34%)Gold3,404.10 +4.90 (+0.14%)PortfolioSign in to access your portfolioSign inTop gainersMDB MongoDB, Inc. 231.38 +31.65 (+15.85%)NBIS Nebius Group N.V. 43.22 +3.83 (+9.71%)AG First Majestic Silver Corp. 8.09 +0.82 (+11.21%)KC Kingsoft Cloud Holdings Limited 12.55 +1.07 (+9.31%)HL Hecla Mining Company 6.78 +0.66 (+10.79%)Top losersBF-B Brown-Forman Corporation 27.98 -5.25 (-15.81%)PVH PVH Corp. 68.60 -12.27 (-15.17%)DSGX The Descartes Systems Group Inc. 106.03 -9.58 (-8.29%)CIEN Ciena Corporation 75.91 -7.89 (-9.42%)KNTK Kinetik Holdings Inc. 43.47 -2.18 (-4.79%)Most activeAPLD Applied Digital Corporation 13.81 +0.56 (+4.23%)NVDA NVIDIA Corporation 142.13 +0.21 (+0.14%)TSLA Tesla, Inc. 319.34 -12.71 (-3.83%)SRCL Stericycle, Inc. 61.98 +0.51 (+0.83%)Earnings eventsTrending tickersTSLA Tesla, Inc. 317.11 -14.94 (-4.50%)APLD Applied Digital Corporation 13.47 +0.22 (+1.66%)MDB MongoDB, Inc. 230.41 +30.68 (+15.36%)MULN Mullen Automotive, Inc. 15.90 -0.20 (-1.24%)SI=F Silver Jul 25 36.15 +1.50 (+4.34%)Top economic events