Swatch CEO Says ‘It's a Pity' SNB Didn't Cut Rates Sooner [Yahoo! Finance]
SWATCH GROUP AG UNSP/ADR (SWGAY)
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Source: Yahoo! Finance
(Bloomberg) -- A surprise interest rate cut from the Swiss National Bank is welcome but should have come much sooner, according to Swatch Group AG Chief Executive Officer Nick Hayek. Most Read from Bloomberg Baltimore Wants to Sell Hundreds of Vacant Homes for $1 Each Sam Bankman-Fried Says 50-Year Sentence Only Suitable for a ‘Super Villain' Justice Department to Sue Apple for Antitrust Violations as Soon as Thursday Trump Rules Out Vivek Ramaswamy as Running Mate as He Eyes New Team Fed Signals Three Rate Cuts Are Still Likely, Despite Inflation Uptick “It's a pity it wasn't done earlier,” he said at the watch maker's annual press conference in Biel on Thursday. “It will hopefully make the Swiss franc less strong.” Hayek has long been a critic of SNB's monetary policy, blaming the strength of the franc for its impact on exports. Exchange rates had a negative impact of 554 million Swiss francs ($621 million) on Swatch's performance in 2023, the company said. “Just
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