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Free AccessBank Raises Rates by 50bps, Alongside Expectations
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.