Basel, 20.06.2024

Swiss National Bank cuts interest rate by 0.25

Surprise rate cut: The Swiss National Bank (SNB) surprisingly cut its key interest rate from 1.5% to 1.25%, although most economists had expected it to remain stable.
Reason: Low inflationary pressure in Switzerland made the move possible. The SNB sees no danger from rising rents, wages or import prices.
Foreign exchange intervention: The SNB is prepared to intervene in the foreign exchange market if necessary, as the Swiss franc has appreciated sharply in recent weeks.
Inflation forecast: The SNB expects inflation to be 1.3% in 2024 and 1.1% in 2025 and 2026. These forecasts are lower than before.
Mortgage market: Interest rate cuts may make variable-rate mortgages more attractive, while fixed-rate mortgages will remain stable. Competition among mortgage lenders remains strong.
International comparison: In contrast to the SNB, the European Central Bank (ECB) and the US Federal Reserve (Fed) have only cautiously adjusted their interest rate policies. The Fed recently extended its interest-rate pause.
Economic outlook: The SNB is optimistic about economic growth in Switzerland and expects GDP to grow by around 1.5% in 2025.

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