Switzerland’s government slashed its inflation forecasts, a move in line with expectations that the central bank will cut interest rates again when officials meet next week.

Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.

"The Fed is more worried about the labor market and less concerned about inflation at this point," a Glenmede analyst said.