Central Banks
SNB Surprises With Half Point Rate Cut to Stem Gains in Franc
- Swiss officials quicken easing to curb gains in currency
- Central bank has cut at all four of this year’s meetings
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The Swiss National Bank delivered a bigger-than-expected 50 basis-point interest-rate cut as it sought to head off gains in its currency.
Officials lowered their key benchmark to 0.5% on Thursday, a step predicted by only a small minority of economists surveyed by Bloomberg. Most anticipated a quarter-point move.