US EditionSwitzerland becomes first major economy to cut interest rates in surprise move
- The Swiss National Bank lowered its main interest rate by 25 basis points to 1.5%, the first major economy to cut rates recently.
- Inflation in Switzerland fell to 1.2% in February, within the SNB's target range, with an expected continued stable rate over the next few years.
- SNB Chairman Thomas Jordan mentioned uncertainty about further rate cuts, with a possible decision in June based on inflationary trends.
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Switzerland becomes first developed economy to cut interest rate
ZURICH — The Swiss National Bank cut interest rates on Thursday — the first to do so among the major central banks, saying the battle against inflation was working almost two years after launching its monetary tightening campaign. The SNB eased its monetary policy and cut its rate by 0.25 percentage points to 1.5 per cent, effective from Friday, in its first interest rate cut since it began to hike them in June 2022. In a busy week for central b…
The Swiss central bank surprised with an interest rate cut on Thursday and the US Federal Reserve also wants to take this step soon.
The Swiss National Bank surprisingly marks the end of the interest rate cycle. As one of the first major central banks, it unexpectedly lowered its benchmark interest rate - fueling expectations that other central banks may follow suit soon.
Switzerland becomes first major economy to cut interest rates, citing inflation below 2%
The Swiss National Bank said Thursday it is cutting interest rates by 0.25 points to 1.5%, effective Friday. It declared the cut is happening because the fight against inflation in Switzerland has been effective.
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