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Bank Raises Rates by 50bps, Alongside Expectations

SNB

SNB raises rates by 50bps, alongside expectations.

Full policy statement here: https://www.snb.ch/en/mmr/reference/pre_20230323/s...

Statement highlights:

  • It cannot be ruled out that additional rises in the SNB policy rate will be necessary
  • SNB also remains willing to be active in the foreign exchange market
  • The measures announced at the weekend by the federal government, FINMA and the SNB have put a halt to the crisis
  • Inflation forecasts notched higher: the new forecast is higher through to mid-2025 than in December

All-in-all, the SNB decision generally inline with forecast - CHF rallying slightly as markets close the gap on only partial pricing of 50bps rate hike - market already expected further tightening beyond today's hike, and SNB confirming there is a strong likelihood of such a move.

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