Core Viewpoint - The Swiss National Bank (SNB) has indicated that inflationary pressures in Switzerland have eased, suggesting that the current interest rate of zero is sufficient for the time being [1] Group 1: Monetary Policy - The SNB acknowledges the negative side effects of negative interest rates and does not expect banks to pass on negative rates to customers [1] - The central bank emphasizes that it does not need to react to individual data points, indicating a more measured approach to monetary policy [1] Group 2: Inflation Outlook - The SNB anticipates that inflation in Switzerland will accelerate again in the future, suggesting potential shifts in monetary policy may be needed down the line [1]

Core Viewpoint - The Swiss National Bank (SNB) President, Thomas Jordan, stated that lowering interest rates to zero is currently sufficient, emphasizing the negative side effects of negative interest rates [1] Group 1 - The SNB is clear that negative interest rates have adverse effects [1] - Banks will not reduce customer interest rates to negative values [1]

Group 1 - The Bank of England maintained its benchmark interest rate at 4.25%, with economists expecting a potential rate cut in August [1][3] - Following the announcement, there was a sell-off in medium to long-term UK bonds, with the 2-year bond yield rising by 0.5 basis points to 3.898% and the 10-year bond yield increasing by 3.1 basis points to 4.527% [1] - The monetary policy committee showed a split decision, with 6 members voting to keep rates unchanged and 3 members favoring a 25 basis point cut [3] Group 2 - The UK economy showed signs of weakness, with a 0.3% contraction in April, leading to concerns about the timing of potential rate cuts [4] - Recent inflation data indicated a year-on-year rate of 3.4% in May, which is above the Bank of England's target of 2% [3][4] - Analysts expect the Bank of England to cut rates by 25 basis points in August and again in the fourth quarter [4] Group 3 - The Swiss National Bank lowered its interest rate to 0%, raising concerns about the potential return of negative interest rates [4][5] - The European bond market experienced slight fluctuations, with German and Italian bond yields rising marginally [5] - The Federal Reserve maintained its overnight interest rate target range at 4.25%-4.50%, indicating potential future rate cuts [6]

Core Viewpoint - The Swiss National Bank (SNB) has lowered interest rates to zero, indicating a potential return to negative interest rates due to the surge in demand for the Swiss franc as a safe-haven currency, which has adversely impacted inflation and the economy [1][2][6] Group 1: Interest Rate Changes - The SNB announced a 25 basis point cut to bring the interest rate to zero, marking the end of a two-and-a-half-year period of positive interest rates and establishing the lowest benchmark rate among major central banks [1][6] - Economists expect another 25 basis point cut in September, potentially pushing the policy rate into negative territory to curb the appreciation of the Swiss franc and stimulate domestic credit [7] Group 2: Currency Dynamics - The Swiss franc has appreciated significantly, reaching its highest level against the US dollar in a decade, driven by investor concerns over US policy changes [2] - Following the announcement, the Swiss franc rose to an intraday high of 0.9387 against the euro [3] Group 3: Economic Outlook - The SNB has downgraded its inflation forecasts, predicting an average of 0.2% in 2025, 0.5% in 2026, and 0.7% in 2027, down from previous estimates [10] - Despite the strong Swiss franc leading to lower import prices, the SNB maintains its economic growth forecast for this year at 1%-1.5% [11]

两家央行同日降息 降息！ 继昨日瑞典央行宣布降息后，瑞士央行和挪威央行也在19日宣布，将基准利率下调25个基点。分析认为，随着经济复苏力度减弱，以及物价持续回落，欧洲国家不 得不通过降息来刺激经济的发展。 根据公告，挪威央行将其主要存款利率下调25个基点至4.25%，出乎调查的所有经济学家预料，没有一位经济学家预期会出现调整。随后，瑞士央行也宣布将利率 进一步下调25个基点至0%，为2024年3月以来的第6次降息，这增加了人们对负利率可能回归的担忧。 这是继18日瑞典央行降息后，再有两家欧洲央行宣布降息。 记者查询挪威央行和瑞士央行的公告发布，物价的持续回落，以及对经济复苏的担忧是两国央行降息的主要原因。 挪威央行官员表示，如果经济总体发展符合目前预测，政策利率将在2025年进一步下调。"自3月份货币政策会议以来，通胀已经下降，未来一年的通胀前景表明会 低于此前预期。"挪威央行行长Ida Wolden Bache说道，"谨慎地将政策利率正常化，将为通胀回归目标水平奠定基础，同时又不会对经济造成不必要的限制。" 挪威央行意外宣布下调基准利率，是自新冠疫情后的首次降息，并表示今年还将进一步调降。 瑞士央行则在声明 ...

瑞士央行行长：房地产行业价格上涨是负利率带来的一项不良副作用之一。 ...

Core Viewpoint - The Swiss National Bank (SNB) believes that a zero interest rate does not imply negative interest rates, even though market rates may be in the negative territory [1] Group 1 - The SNB's stance indicates a differentiation between policy rates and market rates, suggesting that the central bank does not view the current market conditions as a signal to adopt negative rates [1]

瑞士央行管委会成员Tschudin：预计明天起货币市场利率将为负。 ...

瑞士央行行长：我们不会轻易做出降息至负利率的决定。绝不排除采取任何关于利率的措施。 ...

瑞士央行行长：意识到负利率带来的不良影响。对未来通胀的不确定性仍然较高。如果今天没有降息， 我们的通胀预期将会更低。我们将持续关注形势变化，并在必要时调整政策。 ...