While the Fed struggles as to the timing of its first rate rise since 2004, this puts it in rarified company. Last quarter, Australia, Brazil, Canada, China, Denmark, India, Indonesia, Japan, South Korea, Thailand, the ECB, Hungary, Israel, Poland, Russia, Sweden, Switzerland and Turkey all lowered rates. Only the Czech Republic, England, Mexico and New Zealand held rates constant. Other than the Fed, only England even talks about raising rates.