SNB Sticks With Steady Pace of Rate Cuts to Restrain the Franc
- Decision is Thomas Jordan’s final policy act before leaving
- Currency strength is a focus of officials as inflation slows
The Swiss National Bank in Zurich.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
The Swiss National Bank cut borrowing costs by a quarter point at a third straight meeting and warned of more to come if needed in its attempt to contain the strength of the franc.
Despite market speculation that officials in Zurich would follow the US Federal Reserve’s lead with a half-point reduction, they shirked from any acceleration in easing. The interest rate is now 1% after a 25 basis-point move on Thursday that was predicted by most economists surveyed by Bloomberg.