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[Global Central Banks Sudden Shift: Is the Wave of Rate Cuts Slowing? Is the Shadow of the Trade War Resurfacing?] ⑴ The pace of rate cuts by major central banks worldwide is significantly slowing, with market focus shifting to tariffs and political factors. ⑵ The European Central Bank is nearing the end of its easing cycle, while the US Federal Reserve remains highly vigilant about the potential for inflation triggered by tariffs. ⑶ The Federal Reserve held interest rates steady on Wednesday and delivered hawkish rhetoric, boosting the US dollar and easing concerns about external pressure on central bank independence. ⑷ The Swiss National Bank kept its benchmark interest rate unchanged at 0% in June, reducing market bets on negative interest rates. Traders widely expect another pause in September and speculate that the SNB has begun intervening to weaken the Swiss franc. ⑸ The Bank of Canada held its key policy rate at 2.75% for the third consecutive time on Wednesday, citing a reduced risk of escalating global trade wars. However, it declined to provide detailed economic forecasts, citing uncertainty regarding US trade policy. ⑹ The Swedish Central Bank cut its key interest rate to 2% last month and indicated it could ease policy again this year if inflation remains contained and growth remains weak. ⑺ The Reserve Bank of Australia unexpectedly kept interest rates unchanged at 3.85% earlier this month, but data showing the slowest growth in consumer prices in more than four years in the June quarter has markets virtually certain the RBA will cut rates by 25 basis points next month. ⑻ Norway's central bank cut interest rates by 25 basis points to 4.25% last month, its first rate cut since 2020, but only one rate cut is expected in 2025. ⑼ The Bank of Japan kept interest rates unchanged at 0.5% on Thursday, but raised its inflation forecast and offered a more optimistic economic outlook than three months ago, boosting market confidence that the BOJ will resume rate hikes this year. ⑽ Overall, global monetary policy is shifting from a generally accommodative stance to a more cautious one, and central banks face complex challenges balancing inflation, economic growth, and external risks.