Swiss National Bank Makes Surprise Rate Cut

You know global inflation can't be too far away when even the Swiss are getting into the aggressive rate cutting act.

The Swiss National Bank on today made a surprise and steep one percentage point rate cut.

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.