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Yahoo
2 days ago
- Business
- Yahoo
Swiss cut key interest rate by a quarter percentage point, putting its target now at 0%
GENEVA (AP) — Switzerland's central bank said Thursday it has reduced its target interest rate by a quarter of a percentage point, adding that inflationary pressures have eased. The Swiss National Bank says its policy rate would drop to zero from 0.25%, after noting that nearly flat inflation nosed into negative territory in May compared to February. Many Western economic powers have been grappling with monetary policy at a time when prices have fallen in many places but political instability — particularly when it comes to conflicts in the oil-rich Middle East — and U.S. tariffs have unsettled financial markets in recent months. The SNB attributed the drop in inflation in Switzerland primarily to declining prices in the tourism and oil sectors. It's now projecting annual inflation at 0.2% this year, before edging up to a half-point next year and 0.7% in 2027, based on the scenario that its target interest rate will remain at zero over that span. 'In its baseline scenario, the SNB anticipates that growth in the global economy will weaken over the coming quarters,' it said in a statement. 'Inflation in the U.S. is likely to rise over the coming quarters. In Europe, by contrast, a further decrease in inflationary pressure is to be expected.' Switzerland enjoyed 'strong' economic growth in the first quarter, the bank said, largely because exports to the United States were brought forward as companies sought to anticipate future U.S. tariffs that could raise price of foreign goods for American consumers. The U.S. Federal Reserve kept its key rate unchanged Wednesday as it waits for additional information on how tariffs and other potential disruptions will affect the economy this year. U.S. President Donald Trump has pressed the Fed to lower interest rates, hoping it will boost the U.S. economy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
2 days ago
- Business
- Associated Press
Swiss cut key interest rate by a quarter percentage point, putting its target now at 0%
GENEVA (AP) — Switzerland's central bank said Thursday it has reduced its target interest rate by a quarter of a percentage point, adding that inflationary pressures have eased. The Swiss National Bank says its policy rate would drop to zero from 0.25%, after noting that nearly flat inflation nosed into negative territory in May compared to February. Many Western economic powers have been grappling with monetary policy at a time when prices have fallen in many places but political instability — particularly when it comes to conflicts in the oil-rich Middle East — and U.S. tariffs have unsettled financial markets in recent months. The SNB attributed the drop in inflation in Switzerland primarily to declining prices in the tourism and oil sectors. It's now projecting annual inflation at 0.2% this year, before edging up to a half-point next year and 0.7% in 2027, based on the scenario that its target interest rate will remain at zero over that span. 'In its baseline scenario, the SNB anticipates that growth in the global economy will weaken over the coming quarters,' it said in a statement. 'Inflation in the U.S. is likely to rise over the coming quarters. In Europe, by contrast, a further decrease in inflationary pressure is to be expected.' Switzerland enjoyed 'strong' economic growth in the first quarter, the bank said, largely because exports to the United States were brought forward as companies sought to anticipate future U.S. tariffs that could raise price of foreign goods for American consumers. The U.S. Federal Reserve kept its key rate unchanged Wednesday as it waits for additional information on how tariffs and other potential disruptions will affect the economy this year. U.S. President Donald Trump has pressed the Fed to lower interest rates, hoping it will boost the U.S. economy.
Reuters
3 days ago
- Business
- Reuters
Singapore MAS survey shows economists cut GDP, inflation forecasts and see more easing
SINGAPORE, June 18 (Reuters) - Economists have lowered their forecasts for Singapore's growth and inflation this year and are expecting a further easing of monetary policy next month, a survey of forecasters by the Monetary Authority of Singapore showed on Wednesday. Geopolitical tensions were seen as the biggest downside risks for the economy, while milder-than-expected or an easing of trade tensions was the most cited upside risk, the responses from 20 economists for the June quarter survey found. The median forecast for growth was cut to 1.7% from 2.6% in the March quarter survey. In April, the government lowered its forecast for 2025 growth to 0% to 2%, citing the impact of U.S. tariffs. Almost three in five respondents expect the central bank to further ease monetary policy settings at a review next month, the survey found. The MAS loosened monetary policy in January and April on the back of expected slower inflation and growth this year. The median forecasts for headline inflation and core inflation for 2025 were lowered to 0.9% and 0.8% respectively, the survey showed. At its April policy review, the MAS forecast lowered its forecast for core inflation to 0.5% to 1.5% in 2025. In March, the annual core inflation rate was 0.5%, the lowest rate in more than three years. The survey was sent out to respondents on May 22, the same day final first-quarter GDP data was released.
Yahoo
3 days ago
- Business
- Yahoo
Singapore MAS survey shows economists cut GDP, inflation forecasts and see more easing
SINGAPORE (Reuters) -Economists have lowered their forecasts for Singapore's growth and inflation this year and are expecting a further easing of monetary policy next month, a survey of forecasters by the Monetary Authority of Singapore showed on Wednesday. Geopolitical tensions were seen as the biggest downside risks for the economy, while milder-than-expected or an easing of trade tensions was the most cited upside risk, the responses from 20 economists for the June quarter survey found. The median forecast for growth was cut to 1.7% from 2.6% in the March quarter survey. In April, the government lowered its forecast for 2025 growth to 0% to 2%, citing the impact of U.S. tariffs. Almost three in five respondents expect the central bank to further ease monetary policy settings at a review next month, the survey found. The MAS loosened monetary policy in January and April on the back of expected slower inflation and growth this year. The median forecasts for headline inflation and core inflation for 2025 were lowered to 0.9% and 0.8% respectively, the survey showed. At its April policy review, the MAS forecast lowered its forecast for core inflation to 0.5% to 1.5% in 2025. In March, the annual core inflation rate was 0.5%, the lowest rate in more than three years. The survey was sent out to respondents on May 22, the same day final first-quarter GDP data was released. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
US oil futures slip despite API inventory showing much larger drop in crude stocks
-- U.S. crude oil futures slipped from post-settlement levels Tuesday even as the American Petroleum Institute reported a much larger drop in weekly domestic crude stockpiles. Crude Oil WTI Futures, the U.S. benchmark, recently traded at $73.80 a barrel following the report after settling up $3.07, or 4.3%, at $74.84 barrel. Oil prices have been in rally mode recently as the Iran-Israel conflict, which threatens oil supplies in the region, looks set to escalate further amid reports that the U.S. is mulling whether to partner Israel in launching attacks against Tehran's nuclear sites. U.S. crude inventories fell by about 10.1M barrels for the week ended Jun. 14, compared with a decline of 370,000 barrels reported by the API for the previous week and expectations for an decrease of about 600,000 barrels. Gasoline stockpiles decreased by about 202,000 barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- rose by 318,000 barrels. The official government inventory report is due Wednesday at 10:30 a.m. EDT (1430 GMT). Related articles US oil futures slip despite API inventory showing much larger drop in crude stocks UBS: Outlook suggests more balanced risk-reward for commodities Citi trims gold prices target as markets digest U.S. tariffs and geopolitics Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
