Swiss National Bank cuts interest rates by 50 basis points

The Swiss National Bank (SNB) surprised markets with a 50 basis point interest rate cut, its largest in nearly a decade, aiming to preempt other central banks and curb the rising Swiss franc. This move, the first under new Chairman Martin Schlegel, brings the policy rate to 0.5%, the lowest since November 2022, fueled by weak inflation currently at 0.7%.