两大央行，同日降息

Core Viewpoint - The recent interest rate cuts by the central banks of Norway and Switzerland, following Sweden's decision, indicate a trend to stimulate economic growth amid weakening recovery and declining prices in Europe [1][2][3]. Group 1: Interest Rate Cuts - Norway's central bank lowered its main deposit rate by 25 basis points to 4.25%, surprising all surveyed economists who did not anticipate any adjustments [2]. - The Swiss National Bank also cut its rate by 25 basis points to 0%, marking the sixth rate cut since March 2024, raising concerns about a potential return to negative interest rates [2][4]. Group 2: Economic Conditions - Both central banks cited persistent price declines and concerns over economic recovery as primary reasons for their rate cuts [4]. - Norway's central bank noted that inflation has decreased since March, and the outlook for inflation over the next year is expected to be lower than previously anticipated [4]. Group 3: Market Reactions - Following Norway's rate cut, the Norwegian krone fell in the foreign exchange market, while the Swiss franc continued to strengthen against the US dollar, having declined over 10% in the past six months [6]. - The strong Swiss franc has directly impacted Switzerland's declining inflation, with consumer prices dropping by 0.1% year-on-year in May [5][6]. Group 4: Future Projections - Analysts predict that the Swiss National Bank may lower rates further, potentially reaching -0.25% this year, with a risk of dropping to -0.75% if inflation pressures do not increase [8]. - The strong Swiss franc is seen as a significant factor in Switzerland's low inflation, prompting the central bank to maintain rates systematically lower than other regions to limit the franc's appreciation [8].