It's been an eventful week for global central banks: The Swiss National Bank cut its interest rate by 25 basis points to 0%, becoming the first bank to return to zero rates. The Bank of Japan held its key rate steady at 0.50%, maintaining the highest level since 2008. The Bank of England kept its benchmark rate at 4.25%, following a 25 basis point cut in May. Norway’s central bank reduced rates by 25 basis points to 4.25%, despite no cut being expected. Meanwhile, the Fed held rates steady for the fourth consecutive meeting last week, keeping rates among the highest in the developed world. Global monetary policy is pivoting, but the Fed is not.