Swiss central bank raises key interest rate and says more hikes can't be ruled out

Switzerland’s central bank has raised its key interest rate as it seeks to combat inflation and said “it cannot be ruled out” that more hikes will be necessary. Inflation has declined significantly to 2.2% in May but is above the target set by the Swiss National Bank. It warned Thursday that price pressure persist and would make themselves felt in coming months without action. It said the decision to hike its key rate by a quarter-percentage point to 1.75% was “countering inflationary pressure which has increased again over the medium term.”