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Swiss central bank cuts rates by a quarter point in third trim this year
Economy
Swiss central bank cuts rates by a quarter point in third trim this year
Published Thu, Sep 26 202 • 43:37 AM EDT | Updated 4 Hours Ago
Ruxandra Iordache
@RMIordache
• The Swiss National Bank on Thursday took a third step to loosen monetary policy this year, bringing its key interest rate down by 25 basis points to 1.0%.
• The reduction comes amid subdued domestic inflation and a rally in the Swiss franc.
• It was the first major Western central bank to reduce interest rates back in March.
The Swiss National Bank on Thursday took a third step to loosen monetary policy this year, bringing its key interest rate down by 25 basis points to 1.0%.
The trim, which had been anticipated by 30 of 32 analysts surveyed in a Reuters poll, marked the SNB’s third interest rate reduction of 2024.
It was the first major Western central bank to reduce interest rates back in March.
The third trim comes amid similar signals from the European Central Bank and the U.S. Federal Reserve, which took the long-awaited plunge to slim down its interest rates with a 50-basis-point cut last week. Domestically, Swiss inflation remains subdued, with the latest headline print pointing to a 1.1% annual increase in August.
{snip}
Swiss central bank cuts rates by a quarter point in third trim this year
Published Thu, Sep 26 202 • 43:37 AM EDT | Updated 4 Hours Ago
Ruxandra Iordache
@RMIordache
• The Swiss National Bank on Thursday took a third step to loosen monetary policy this year, bringing its key interest rate down by 25 basis points to 1.0%.
• The reduction comes amid subdued domestic inflation and a rally in the Swiss franc.
• It was the first major Western central bank to reduce interest rates back in March.
The Swiss National Bank on Thursday took a third step to loosen monetary policy this year, bringing its key interest rate down by 25 basis points to 1.0%.
The trim, which had been anticipated by 30 of 32 analysts surveyed in a Reuters poll, marked the SNB’s third interest rate reduction of 2024.
It was the first major Western central bank to reduce interest rates back in March.
The third trim comes amid similar signals from the European Central Bank and the U.S. Federal Reserve, which took the long-awaited plunge to slim down its interest rates with a 50-basis-point cut last week. Domestically, Swiss inflation remains subdued, with the latest headline print pointing to a 1.1% annual increase in August.
{snip}