Swiss economy faces its first recession in six years
Zurich
SWISS central bank president Thomas Jordan has little interest-rate firepower left as he watches over an economy teetering on the brink of its first recession in six years.
The Swiss National Bank, whose deposit rate is already at a record low of minus 0.75 per cent, is up against a slump in consumer prices and a shrinking economy after the central bank allowed the franc to float freely again six months ago. It can't cut rates much more without risking a run on cash and its limit is probably minus one per cent, according to Bloomberg's monthly survey of economists.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Stormy Daniels’ ex-lawyer in the hot seat at Trump trial
New Zealand says ‘seriously concerned’ by China’s increased security actions in Pacific
EU, ISSB agree on minimising overlaps in company climate disclosures
US law firm Mayer Brown to split from Hong Kong partnership
US labour costs rise by most in a year as productivity cools
US trade deficit narrows slightly in March