Governor Andrew Bailey says "interest rates remain on a gradual downward path" but cautions "the world is highly unpredictable".

The Swiss National Bank cut its interest rate to zero on Thursday and did not rule out returning borrowing costs to negative territory in future, although it stressed this was not a step it would take lightly.

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,

Several economists expect the Federal Reserve could play wait-and-see for a while longer. Some expect the Fed to next cut rates in September.

This month, it decided to keep the benchmark rate at the same range of 4.25% to 4.50%. When interest rates are high, like they are now, the banks have to pay more to borrow money, and so do you, for loans, mortgages, credit cards and more. At the same time, some banks offer better returns for the money and deposits you keep in their institutions.

For homebuyers, this means that mortgage rates are likely to keep hovering around the 7-percent mark for the foreseeable future. A majority of experts were expecting the Federal Reserve to leave its key interest rate unchanged on Wednesday,