Big developed market central banks are turning cautious after a series of interest rate cuts and as uncertainty in global economics and politics grows. Of five central banks that met this week, only Switzerland's cut rates,

The labour market was “not a significant source of inflationary pressures”, Federal Reserve chair Jay Powell said. “Overall, a wide set of indicators suggests that conditions in the labour market are broadly in balance,” he said at Wednesday’s press conference.

The Federal Reserve kept interest rates unchanged as expected but downgraded its economic outlook, citing slower growth and higher inflation due to Trump’s tariffs. Wall Street staged a relief rally after Fed Chair Jerome Powell downplayed inflation concerns.