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Jordan's Firmer Inflation Language Looks Forward, Not Back

SNB
  • Touching on the evolution of Jordan's language on inflation earlier - stating that “We have second-round effects, third-round effects, so inflation is more persistent than we initially thought.”
  • Jordan last commented on inflation on May 10th, stating that "inflation is higher than we like it to be", and data turnouts since the March policy report have confirmed CPI running modestly below market and SNB expectations - meaning Jordan's stronger inflation language is likely more pessimistic about the pullback in inflation over the coming quarters, rather than recent releases (SNB see CPI slowing to 2.3% in Q4 as of the March policy decision - and not showing below 2.0% at all across the forecast horizon).
  • Front-end SARON contracts remain under solid pressure, with Dec-23 holding close to the lowest levels since early May to more solidly price 50bps of further tightening by year-end. USD/CHF holds the bulk of the initial move lower. USD/CHF narrowing in on the 50-dma at 0.8993 for direction - with the pair solidly breaking the below the uptrendline drawn off the early May lows of 0.8820.
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