Swiss National Bank Takes Third Interest Rate Cut in 2023

The Swiss National Bank reduced interest rates by 25 basis points, marking its third cut in 2023. This decision follows similar actions by the ECB and U.S. Federal Reserve. The policy rate is now at 1.00%, as predicted by analysts and market expectations.

The Swiss National Bank (SNB) cut interest rates by 25 basis points on Thursday, marking its third reduction this year and following similar measures by the European Central Bank and the U.S. Federal Reserve.

The reduction lowered the SNB's policy rate to 1.00%, a level last seen in early 2023. This move was anticipated by 30 out of 32 analysts in a Reuters poll.

Market sentiment had already reflected a 55% probability of a 25 basis point cut ahead of the official decision.

(With inputs from agencies.)