Following a busy week of central bank meetings and major policy changes, policymakers and markets are now more aligned on the outlook for rates in 2024. Notably, the shift by the Bank of Japan marked a symbolic end to its negative rate and yield curve control policies. While deflationary pressures have eased for now, it remains to be seen how far the BoJ can hike rates further in the near term. Elsewhere, the rate cut and dovish forward guidance by the Swiss National Bank caught markets by surprise, and it is one of the first central banks in Europe to embark on a rate-cutting cycle.