ST GALLEN, Switzerland, March 27 (Reuters) - The Swiss National Bank was able to cut interest rates last week because inflation pressure has declined, Vice Chairman Martin Schlegel said on Wednesday.

"The lower inflation pressure has allowed us to reduce interest rates to 1.5% from 1.75%," Schlegel told an event in St. Gallen, north eastern Switzerland.

The SNB also reduced its inflation forecasts last week, saying it now expects price rises of 1.4% for 2024, 1.2% for 2025 and 1.1% for 2026.

Without the SNB cutting rates, these forecasts would have been lower, Schlegel said.

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https://www.reuters.com/markets/europe/lower-inflation-pressure-enabled-rate-cut-snb-vice-chairman-2024-03-27/