US not alone in interest rate increase…

The Swiss National Bank raised its policy interest rate for the first time in 15 years in a surprise move on Thursday and said it was ready to hike further, joining other central banks in tightening monetary policy to fight resurgent inflation.

The central bank increased its policy rate to -0.25% from the -0.75% level it has deployed since 2015, sending the safe-haven franc sharply higher. Nearly all the economists polled by Reuters had expected the SNB to keep rates steady. It was the first increase by the SNB since September 2007, and followed a 0.75 percentage point hike in borrowing costs by the U.S. Federal Reserve on Wednesday.…

The Bank of England stuck to its gradual increases in interest rates on Thursday, as other central banks took more urgent action, but said it was ready to act “forcefully” if needed to stamp out dangers posed by inflation it now sees topping 11%.

The Monetary Policy Committee voted 6-3 for the hike to 1.25%, the same breakdown as in May with the minority voting for a 50 basis-point increase.

Britain’s benchmark rate is now at its highest since January 2009, when borrowing costs were slashed as the global financial crisis raged.

The European Central Bank signaled last week it would hike in July to check euro zone inflation that hit 8.1% last month.

In the other hand:…

At the two-day policy meeting that ended on Friday, the BOJ maintained its -0.1% target for short-term rates and its pledge to guide the 10-year yield around 0% by a 8-1 vote. However, in a nod to the hit that the yen’s recent sharp declines may have on the economy, central bank said it must “closely watch” the impact exchange-rate moves could have on the economy.

How’s that affect the US?

The US dollar index is back over 104 or over 13% over the past year and the equity market generally moves inversely to this metric.