The ECB Governing Council decided today to leave the three key interest rates unchanged. The deposit rate remains at 2.00 percent, the main refinancing rate at 2.15 percent, and the marginal lending facility at 2.40 percent. A decision that may seem rather unspectacular at first glance, but in the current environment reveals much about the assess­ment of the currency guardians.

The U.S. central bank is keeping its key interest rate at 3.5 to 3.75 percent, sending a clear signal: as long as inflation remains elevated and geopolitical risks cloud the picture, monetary policy will remain cautious. Here's what that means for Swiss mortgage borrowers.