Swiss National Bank to cut rates by 25 bps on Thursday, hold in December- Reuters poll
BENGALURU - The Swiss National Bank will cut its benchmark interest rate by 25 basis points on Thursday for a third straight meeting, according to a significant bulk of economists polled by Reuters, a slight majority of whom said the SNB would hold in December.
Policymakers are unlikely to deliver a bigger 50 basis-oint rate cut like the U.S. Federal Reserve did last week due to limited policy space, according to most analysts, as the key rate is only 1.25%. Around a 55% majority of economists, or 18 of 32, expected the SNB to hold rates in December. Sixteen said the rate will be at 1.00% by year-end, 15 said 0.75% and one said 1.25%.
But the Swiss currency has broadly strengthened in recent months, partly on expectations of more reductions from the ECB. "We think the SNB will not want to cut the policy rate much further, if at all, in response to a strong franc as policymakers will want to reserve some space to loosen policy in case a domestic shock occurs in the future."
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