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MNI INTERVIEW: SNB Should Not To Hike Too Much -Ex Staffer

(MNI) LONDON

The SNB should not hike over-aggressively, former senior SNB economist Daniel Kaufmann tells MNI.

The Swiss National Bank should be careful not to hike too much in this cycle, as inflation is being fed by supply constraints and the neutral rate of interest in the country likely remains lower than before the financial crisis, former SNB senior economist Daniel Kaufmann told MNI.

The SNB is widely expected to take the rate on sight deposits from -0.25% into positive territory for the first time in five years on Thursday, with another increase to match June’s 50bps, though speculation that it could hike by 75bps or more has intensified since the European Central Bank upped rates by that amount.

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The Swiss National Bank should be careful not to hike too much in this cycle, as inflation is being fed by supply constraints and the neutral rate of interest in the country likely remains lower than before the financial crisis, former SNB senior economist Daniel Kaufmann told MNI.

The SNB is widely expected to take the rate on sight deposits from -0.25% into positive territory for the first time in five years on Thursday, with another increase to match June’s 50bps, though speculation that it could hike by 75bps or more has intensified since the European Central Bank upped rates by that amount.

Keep reading...Show less