The Swiss National Bank surprised the market with a decision to lower its main policy rate by 0.25 percentage points to 1.5%.
The Swiss National Bank on Thursday surprised the market with a decision to lower its main policy rate by 0.25 percentage points to 1.5%.Switzerland is the first advanced economy to cut interest rates following a prolonged period of high inflationary pressures.
The Swiss National Bank offices ahead of the bank's rate announcement news conference in Zurich, Switzerland, on Thursday, March 23, 2023.The Swiss National Bank on Thursday surprised the market with a decision to lower its main policy rate by 0.25 percentage points to 1.5%, saying national inflation is likely to stay below 2% for the foreseeable future."For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability.
Switzerland is the first advanced economy to cut interest rates following a prolonged period of high inflationary pressures, exacerbated by the Covid-19 pandemic's impact on global trade and Russia's war in Ukraine. The Swiss National Bank's announcement comes ahead of monetary policy decisions from the Bank of England and Norway's Norges Bank later on Thursday. On Wednesday, the U.S.This breaking news story is being updated.
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