By Ed Frankl
The Swiss National Bank unexpectedly cut its key interest rate Thursday, becoming the first central bank from a rich, advanced economy to make such a move since inflation rates began to ease from a postpandemic surge.
The bank cut its key rate to 1.5% from 1.75%, upending expectations from economists who expected the SNB to wait until its next meeting in June to cut interest rates.
"The easing of monetary policy has been made possible because the fight against inflation over the past two-and-a-half years has been effective," the SNB said.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
03-21-24 0450ET
