On Thursday, the Swiss Franc central bank reduced the interest rate by 50 basis points, the largest cut in nearly a decade. The bank is trying to get ahead of other central banks that are expected to lower rates and to curb the appreciation of the Swiss Franc. The central bank decreased the policy rate from 1.0% to 0.5%, the lowest level since November 2022. A Reuters survey showed that over 85% of economists initially expected a smaller cut of 25 basis points, but the market had anticipated a cut of 50 basis points.