In the US the March FOMC meeting kept interest rates on hold but signalled to 3 cuts in 2024 as the timing could see cuts ahead of the November US Presidential election. In Europe a surprise announcement from the Swiss National Bank (SNB) reducing interest rates by 25 basis points. In the UK positive inflation news for February slowing to 3.4%. However, despite the positive data, no move on interest rates by the BOE. In Ireland the major news was the shock resignation of An Taoiseach Leo Varadkar, whilst the NTMA held two successful Bond auctions raising €1Bn. In Asia-Pacific a historic shift by The Bank of Japan which raised rates and ended nearly 8 years of negative interest rates.
