MW: Swiss National Bank cuts rates by 1 percentatge point
By Steve Goldstein
LONDON (MarketWatch) -- The Swiss National Bank said it's lowering its three-month Libor target range by one percentage point to a 0.5% to 1.5% range. The move "will provide the Swiss franc money market with a generous and flexible supply of liquidity in order to bring the Libor down to the middle of the target range." Price stability will be restored sooner than expected because of declines in the prices of raw materials and oil, and it noted international economic conditions have worsened appreciably.
