SNB Surprises With Rate Pause as Tightening Tames Inflation

The Swiss National Bank paused its monetary tightening, defying expectations of another interest-rate hike to avoid adding constriction on a stalled economy. Policymakers led by President Thomas Jordan left the key rate at 1.75%, an outcome anticipated by only a small minority of economists surveyed by Bloomberg. “The significant tightening of our monetary policy over recent quarters is countering remaining inflationary pressure,” Jordan said in Zurich. “It cannot be ruled out that a further tightening of monetary policy may become necessary.” The euro jumped against the Swiss franc after the...