Skip to Content

Swiss central bank makes a surprise cut to its key interest rate as others hold steady

GENEVA (AP) — The Swiss National Bank says it’s trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. Outgoing SNB chairman Thomas Jordan on Thursday credited the central bank’s push to rein in inflation in the wealthy Alpine country. The cut of a quarter of a percentage point, to 1.5%, will apply as of Friday. The move had an almost immediate effect on the Swiss franc, which dropped in value against the euro. The U.S. Federal Reserve held rates steady on Wednesday but signaled they expect to cut their key interest rate three times this year.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content