Swiss cut key interest rate by a quarter percentage point, putting its target now at 0%

Switzerland's central bank said Thursday it has reduced its target interest rate by a quarter of a percentage point, adding that inflationary pressures have eased. The Swiss National Bank says its policy rate would drop to zero from 0.25%, after noting that nearly flat inflation nosed into negative territory in May compared to February. The SNB attributed the drop in inflation in Switzerland primarily to declining prices in the tourism and oil sectors.