The Swiss National Bank announced a surprise cut to interest rates on Thursday in a sign of policymakers’ confidence over falling inflation.
The SNB reduced its headline rate by 25 basis points to 1.5 per cent, making it the first central bank of a major western industrialised country to do so in the current cycle, in which global inflation surged in the aftermath of the coronavirus pandemic.
Other rate-setters, such as the European Central Bank, are still fretful over persistent upward price pressures and have kept rates steady in recent decisions.
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