Swiss central bank makes a surprise cut to its key interest rate as others hold steady

The Swiss National Bank says it's trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. Outgoing SNB chairman Thomas Jordan on Thursday credited the central bank’s push to rein in inflation in the wealthy Alpine country. The cut of a quarter of a percentage point, to 1.5%, will apply as of Friday. The move had an almost immediate effect on the Swiss franc, which dropped in value against the euro. The U.S. Federal Reserve held rates steady on Wednesday but signaled they expect to cut their key interest rate three times this year.