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Inflation Forecasts Lower

SNB
  • Inflation forecasts are unchanged from Q3-23 through Q2-24 and then 1-3 tenths lower through the rest of the horizon, so leaving inflation at 1.9% through each quarter of 2025 (from 2.2% in Q1-25 and 2.1% in all other quarters in 2025 previously).
  • The SNB's guidance on FX is completely unchanged from June: "To provide appropriate monetary conditions, the SNB is also willing to be active in the foreign exchange market as necessary. In the current environment, the focus is on selling foreign currency."

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