The Swiss National Bank cut interest rates today, maintaining the central bank's position as a frontrunner in the global policy easing cycle now underway, sending the Swiss franc lower and stocks higher.
"The underlying inflationary pressure has decreased again compared to the previous quarter," the SNB said. Before the decision, markets priced in a 68% likelihood of a cut, with a 32% probability for rates to remain unchanged.Norway's central bank also held its policy interest rate at a 16-year high of 4.5% today, as unanimously expected by analysts, and postponed the prospect of a rate cut until 2025 from a previous plan to reduce borrowing costs in September this year.
The recent downturn in inflation allowed the SNB to become the first major central bank to cut rates in March. The US Federal Reserve last week, however, held rates steady and pushed out the start of rate cuts to later this year.
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