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

GENEVA — The Swiss National Bank said Thursday that it is trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months.

“For some months now, inflation has been back below 2%, and thus in the range we equate with price stability,” Jordan added. “According to our new forecast, inflation is also likely to remain in this range over the next few years.”The move, which Swiss media said caught some by surprise, had an almost immediate effect on the Swiss franc, which dropped in value against the euro. The franc was trading at 1.02 euros Thursday, down from 1.03 euros a day earlier.

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