The Swiss National Bank announced today its decision to reduce its interest rate by 100 basis points effective immediately on concerns of slowing economic activity in Switzerland . The new Libor target range is now 0:50 to 1:50 after the reduction percent and down from the previous range of 1:50 to 2:50 percent.

Today's unexpected reduction follows a similar November 6th surprise rate reduction by 50 basis points and on October 8th by 50 basis points rate cut that was coordinated with major central banks around the globe to ease economic turmoil.

Accompanying the interest rate decision, the SNB release stated that, "international economic conditions have worsened appreciably, bringing a higher

The next meeting is scheduled for December SNB.