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CPI Forecasts Could Top Target

SNB
  • The SNB are again expected to keep their rates policy unchanged in March, retaining their aggressive easing bias with the board looking to further ensure price stability and add “support to the Swiss economy in its recovery”. They will likely shrug off recent CHF strength and retain their language around the CHF, describing the currency as “highly valued”, again reiterating that they are willing to intervene as necessary.
  • Inflation forecasts were revised higher in December, with the SNB pinning the forecast upgrade on elevated import prices (read: oil and gas) and global supply bottlenecks. This has only exacerbated over the last three months, leaving the SNB with little choice but to raise forecasts further across the forecast horizon, and into end-2024.
  • This will likely result in their 2022 estimates reaching, or possibly exceeding, 2% - and effectively putting the bank above target. Nonetheless, the more medium-term inflation outlook should remain moderate, dropping back to 1% across 2023. This should allow the bank to retain their negative rates stance, leaning heavily on their FX intervention policy to ensure smooth passage of policy.
  • Full preview here: https://marketnews.com/mni-snb-preview-march-2022-...
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Homepagemarkets-real-timeSwiss National Bank Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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