Macro Talking Points

March madness in global monetary policy. Last week, we witnessed some unusual activity among major central banks. Indeed, one — the Swiss National Bank — delivered a rate cut while another — the Bank of Japan — announced a rate hike. Sightings of unsynchronized monetary policy actions at the major central bank level are less frequent than bigfoot sightings. Not only that, but we are starting to sense central bank agitation, including on the part of the US Federal Reserve, which delivered dovish policy signals at last week’s Federal Open Market Committee meeting.