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The Swiss National Bank cut its key policy rate by 25 bps to 1% in September 2024, a third consecutive reduction and pushing borrowing costs to the lowest since early 2023, in line with market expectations. Policymakers added they remain willing to be active in the foreign exchange market as necessary and further interest rate cuts may become necessary in the coming quarters to ensure price stability over the medium term. The central bank noted that inflationary pressure in Switzerland has again decreased significantly compared to the previous quarter. Among other things, this decrease reflects the appreciation of the Swiss franc over the last three months. Inflation in Switzerland eased to 1.1% in August. The central bank revised its inflation forecasts lower for 2024 (1.2% vs 1.3%), 2025 (0.6% vs 1.1%) and 2026 (0.7% vs 1%). Forecasts for GDP growth however, were maintained at around 1% in 2024 and 1.5% in 2025.