Current rate in Switzerland: 0,5%. A 25 basis point cut to 0.75% from 1.0% was expected.
This comes as a surprise from the SNB, although of course we have the problem of very low inflation in Switzerland at the moment. The market had priced in a cut of 50 basis points in total over a three-month horizon and a halt at 0.5%. However, the desire to return to zero interest rates with a further problem of falling inflation cannot be ruled out.
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