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The Swiss National Bank cut interest rates on Thursday, maintaining the central bank's position as a frontrunner in the global policy easing cycle now underway. The SNB cut its policy rate by 25 basis points to 1.25%, as expected by two-thirds of analysts polled by Reuters, following a similar cut in March. The decision had been finely balanced, given a recent rebound in economic growth and a break in the trend of gently falling inflation in Switzerland. "The underlying inflationary pressure has decreased again compared to the previous quarter," the SNB said. "With today's lowering of the SNB policy rate, the SNB is able to maintain appropriate monetary conditions." Before the decision, markets priced in a 68% likelihood of a cut, with a 32% probability for rates to remain unchanged. On a busy day for central banks on Thursday, the Bank of England is also due to announce its latest decision, with economists expecting the central bank to keep its rates unchanged. Norway's central bank will also give its latest update.

A group of seven US lawmakers visited Dharamshala, Himachal Pradesh, to meet the exiled Tibetan spiritual leader, the Dalai Lama, on Wednesday. This visit has drawn sharp criticism from China, which views the Dalai Lama as a separatist.China's Reaction to the VisitChina responded to the meeting by urging the United States to recognize the Dalai Lama's "anti-China and separatist nature" and avoid any form of contact with him. Beijing's reaction highlights the sensitive nature of the Tibet issue in China-US relations.Purpose of the US Delegation's VisitThe American lawmakers' visit to India was part of a broader effort to support Tibetan rights. They met the Dalai Lama, Tenzin Gyatso, in Dharamshala. The visit aligns with Washington’s long-standing support for Tibetans and their cultural and religious practices, which have faced repression in China.The Resolve Tibet ActThe US House of Representatives recently passed the Resolve Tibet Act, which aims to pressure China into resuming dialogue with Tibetan leaders. This dialogue has been stalled since 2010. The bill seeks a negotiated agreement on Tibet's future, addressing aspirations related to its historical, cultural, religious, and linguistic identity.Meetings with Tibetan Exile GovernmentThe delegation also met officials of Tibet’s government in exile, which operates from India. Among the delegates were Nancy Pelosi, former US House Speaker, and the authors of the Resolve Tibet Act.The Dalai Lama, born Lhamo Thondup in 1935, was recognized as the reincarnation of his predecessor at age two. He became the 14th Dalai Lama in 1940. Following China's invasion of Tibet in 1950 and a failed uprising in 1959, he fled to India and has lived in exile in Dharamshala since. He was awarded the Nobel Peace Prize in 1989.Controversy Surrounding the VisitThe US lawmakers' visit has further strained US-China relations, already at a low point. The visit comes as India and China navigate their own tense relations, particularly after the 2016 Doklam and 2020 Galwan standoffs.US President Joe Biden is expected to sign the Resolve Tibet Act, which supports Tibetan self-determination. Although the US acknowledges Tibet as part of China, the Act advocates for Tibetans' right to decide their future.US Lawmakers' Statements"This visit should highlight the bipartisan support in the US Congress for Tibet to have a say in their own future," said Michael McCaul, the head of the US delegation and one of the bill's authors, before departing from Washington.China's Stance on the Dalai LamaChina considers the Dalai Lama a separatist. The Dalai Lama, however, seeks genuine autonomy for Tibet rather than independence. Beijing insists on approving the Dalai Lama's successor to strengthen its control over Tibet. In contrast, the Dalai Lama asserts that the Tibetan people should decide his successor, possibly from India.(With inputs from Reuters)