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Bank Raises Policy Rate by 75bps, Introduces Threshold For Sight Deposits

SNB
  • Swiss National Bank raises the headline policy rate by 75bps, to 0.50%, as expected.
  • The introduction of a threshold to sight deposits is a new element here for SNB policy - the unspecified threshold effectively means sight deposits will be treated differently above / below a certain level, with differing rates applied to below the threshold (+0.5%) and above the threshold (0.0%).
  • The level of this threshold will be a focus, with implementation notes likely to take attention if released.
  • On inflation forecasts - CPI path only sees a minor bump higher this year and the next, and GDP marked down - both inline with expectations.
  • Full statement is here: https://www.snb.ch/en/mmr/reference/pre_20220922/s...
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