Norway's central bank cut its policy interest rate by 25 basis points to 4.25% on Thursday, its first reduction of borrowing costs in five years, in a decision that took most analysts by surprise.

The Swiss National Bank has cut interest rates by a quarter point to zero but did not go so far as negative rates, as it battles to restrain its currency, which has surged on global trade tensions. It is the first time that the Alpine country,

The era of zero interest-rate policy is back, after the Swiss National Bank on Thursday lowered interest rates to zero.