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SNB Leads Global Central Banks in Rate Cuts Amid Economic Pressures 

um editor

UM Editor

March 22, 2024 at 11:20 am

In March 2024, the Swiss National Bank unexpectedly decided to lower its primary interest rate by 0.25 percentage points to 1.5%. The action represented the institution’s first reduction in nine years, setting a precedent as the first major central bank to initiate a loosening of monetary policy. This development ensued as Swiss inflation dropped to 1.2% in February, extending a nine-month trend of prices within the SNB’s target zone of 0-2%, reflecting maintained price equilibrium.  

The central bank acknowledged the diminishing inflationary trends and the Swiss franc’s real-term appreciation over the preceding year as influencing factors in its decision. With expectations that inflation will continue to align with the stability range in the coming years, the policymakers will keep a watchful eye to ensure it does so.  

Projections by the SNB estimate that average annual inflation rates will hover at 1.4% for 2024, decline slightly to 1.2% for 2025, and then to 1.1% for 2026. Concurrently, economic expansion is predicted to be subdued in the near term, with this year’s growth projections standing at approximately 1%. 

In the wake of the Swiss National Bank’s move, the Swiss franc depreciated, surpassing the 0.895 mark against the US dollar, reaching its lowest point since November 13th. 

(Policy Rate Levels，Swiss National Bank) 

(USDCHF Monthly Chart) 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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