SNB hikes rates to by 75 bps to 0.50%, as widely expected

At its September quarterly monetary policy assessment, the Swiss National Bank (SNB) hiked its benchmark sight deposit interest rate by 75 bps to 0.50% from -0.25% previous, as widely aniticpated.

In the June meeting, the central bank surprised markets with a 50 bps increase, its first rate hike since September 2007. The dramatic move sent the Swiss franc surging more than 2% against the common currency.

more to come ...