Central Banks
Switzerland Surprises With Rate Cut, Moving Ahead of ECB and Fed
- Move is first among the world’s 10 most-traded currencies
- Only a small minority of economists anticipated decision
The Swiss National Bank unexpectedly cut its key interest rate by 25 basis points, moving months ahead of global peers as policymakers try to prevent gains in the franc.
Officials in Zurich lowered their benchmark to 1.5%, the first such reduction for one of the world’s 10 most-traded currencies since the pandemic abated. While some investors were betting on such a cut, most economists predicted the rate would stay unchanged at least until June.