SNB chief Roth says the bank had to take immediate action as the economic situation has clearly worsened. After taking rates down to 1%, he says the SNB still has room for further cuts.
Some of the loudest cheers for the SNB rat cuts will come from central Europe where tens of thousands have financed home mortgages with Swiss franc debt. The surging franc has offset any savings borrowers may have had from the lower Swiss interest rates…
