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The Swiss National Bank reduced its key policy rate by 25 bps to 1.5% in March 2024, marking the first cut in nine years, a surprise move that made it the first major central bank to ease monetary policy. The cut comes after Swiss inflation fell to 1.2% in February, the ninth consecutive month that prices have been moving within the SNB's 0-2% target range, indicative of price stability. The central bank said it was taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. Policymakers anticipate inflation to remain within the range of price stability over the next few years, and will closely monitor it to ensure it stays within this range. The SNB forecasts average annual inflation at 1.4% for 2024, 1.2% for 2025 and 1.1% for 2026. Meanwhile, economic growth is likely to remain modest in the coming quarters, with growth rate seen around 1% this year.