Swiss central bank cuts its main interest rate by 1/4 point, citing easing inflationary pressures

GENEVA (AP) — The Swiss National Bank says it has lowered its main policy rate by a quarter of a percentage point, citing a drop in “underlying inflationary pressure” despite an uptick in some costs like rents, tourism services and oil products. The central bank became the first among counterparts in major financial centers this spring to cut interest rates, with a similar quarter-point reduction in March that caught many market watchers by surprise. The SNB on Thursday said the reduction to 1.25% from 1.5% will take effect on Friday.