[The Market Believes the European Central Banks' Rate-Cutting Cycle is Coming to an End] Traders are increasingly inclined to believe that the rate-cutting cycle of European central banks has essentially ended. The money market indicates that the European Central Bank, the Swedish Central Bank, and the Norwegian Central Bank are expected to keep interest rates unchanged during their meetings tomorrow and maintain stable rates through the end of 2026. Even for the Bank of England, which is expected to cut rates on Thursday, the market only fully anticipates one more rate cut next year, despite weaker inflation data released on Wednesday increasing the likelihood of another rate cut. This is in stark contrast to market sentiment earlier this year, when it was widely believed that European central banks would significantly cut rates before 2026. Similarly, the Swiss National Bank, which had previously led the way in rate cuts and lowered rates multiple times, has now paused rate cuts, with rates currently at zero. "Many of these countries have already implemented multiple rate cuts—policy rates are no longer restrictive," said Fidelity International fund manager Mike Riddell. "The most notable change in rates over the past month is that some central banks that had previously led the way in rate cuts are now expected to raise rates instead of continuing to cut them.