Swiss central bank enacts biggest-ever hike to key rate

GENEVA (AP) — Switzerland’s central bank has carried out the biggest hike ever to its key interest rate. It’s following the U.S. Federal Reserve and other central banks around the world in aggressive moves to clamp down on inflation. The Swiss National Bank said Thursday that it couldn’t rule out further increases beyond the rise of three-quarters of a percentage point “to ensure price stability over the medium term.” The move has ended several years of negative interest rates in Switzerland. That was a testament to the stable growth, low-inflation environment, coupled with Switzerland’s appeal as a safe haven for assets.