SNB Cut to Negative Would Be Much Bigger Step Than ‘Normal' Reduction, Schlegel Says
Swiss National Bank President Martin Schlegel said cutting interest rates below zero is a more significant move than a reduction above that level, suggesting the central bank may be hesitant to take such a step.
'We are aware that negative rates are a challenge for many stakeholders in the economy,' Schlegel told public broadcaster SRF in a radio interview. 'Negative rates also have negative side effects for savers, bankers, pension funds, and so on — we are very aware of that. If we were to lower rates into negative territory, then the hurdles would certainly be higher than with a 'normal' rate cut in positive territory.'
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