The Swiss National Bank (SNB) will lower interest rates for the first time in September 2024 – one of just two just cuts predicted for next year – according to a Bloomberg survey of economists.

The SNB will hold borrowing costs at 1.75% until that initial quarter-point move, to 1.5%, the December 1-7 poll showed. Two further reductions of 25 basis points are seen in December 2024 and March 2025.

Some economists see the SNB acting sooner. UBS analysts said last week that they expect a move to come as early as June. For BlackRock’s Martin Lueck, March is even a possibility. ...