Group 1 - The Swiss National Bank (SNB) has lowered the benchmark interest rate by 25 basis points to 0% in response to weak inflation, the appreciation of the Swiss franc, and uncertainties from U.S. trade policies, marking the sixth consecutive rate cut since March 2024 [1][4] - Switzerland's inflation rate fell to negative territory in May for the first time since 2021, with economists predicting an average inflation rate of only 0.3% in 2025 and 0.6% in 2026 [1][4] - The strong Swiss franc has been driven by increased safe-haven demand following U.S. tariffs announced in April, leading to an 8% appreciation against the U.S. dollar, which could negatively impact domestic inflation and exports [4][5] Group 2 - The SNB's decision to lower rates aims to prevent further appreciation of the Swiss franc, which could harm exporters and exacerbate low inflation [4][5] - The current benchmark rate of 0% returns to the level seen in September 2022, after the end of a seven-year negative interest rate policy, raising discussions about the potential reimplementation of negative rates [4][5] - The SNB is cautious about reintroducing negative rates due to the challenges they pose to various economic participants, including savers and pension funds, and is considering all options, including foreign exchange market interventions [5][6] Group 3 - The global economic outlook remains uncertain, with potential trade barriers that could further slow growth, although stronger fiscal policies may provide unexpected support [5] - The SNB is under pressure to balance its monetary policy without being labeled a currency manipulator, especially in light of past U.S. scrutiny [5][6] - Political considerations suggest that the SNB should remain cautious and avoid appearing eager to reintroduce negative rates, which could have broader implications for its economic strategy [6]
低通胀、强瑞郎夹击下瑞士央行如期降息至零利率 负利率时代将回归?
智通财经网·2025-06-20 04:43