"Swiss Rate Cut Surprises Markets, Spurs Global Stock Jump"

The Swiss National Bank surprised the market by cutting its main policy rate to 1.5%, citing expectations of persistently low inflation. The bank also reduced its annual inflation forecasts and expects modest economic growth in the coming quarters. Analysts anticipate two more rate cuts this year, with the September meeting likely to be the last under the current chairman. Switzerland's move makes it the first major economy to cut interest rates amid global economic uncertainties, while the Bank of England is expected to maintain its current policy and Norway's central bank held rates steady at 4.5%.