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Hikes Rates by 50bps, to -0.25%, Against Consensus

SNB

SNB hikes rates by 50bps to -0.25%: https://www.snb.ch/en/mmr/reference/pre_20220616_2/source/pre_20220616_2.en.pdf


Statement Highlights:

  • Tightens policy to counter increased inflationary pressure
  • Cannot be ruled out that further increases in the SNB policy rate will be necessary in the foreseeable future
  • SNB is also willing to be active in the foreign exchange market as necessary
  • SNB is also adjusting the threshold factor used to calculate the level of banks’ sight deposits at the SNB exempt from negative interest. The factor will be lowered from 30 to 28.
  • Without today’s SNB policy rate increase, the inflation forecast would be significantly higher.

Note on FX language for SNB, they've entirely dropped the reference to the CHF value - at the past rate decision they saw the CHF as "highly valued" - this no longer appears in the statement

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