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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.
SWITZERLAND DATA
- Housing inflation (driven by the rental price index) is expected to increase on the back of December's reference rate hike at some point this spring. As the rental price index appears to only be updated in the second month of a respective quarter, May now seems like the only plausible month this rate hike can come into effect on inflation considering historical lags.
- For reference, the rental price index increased 0.3% M/M last May. For the yearly rate to increase, this month's uptick would have to be firmer than that - which appears plausible.
- CHF depreciation stalled in April, so assuming a similar 2-month lag it would have little impact on the June CPI data; while June is not a month in which the rental price inflation increase could intensify as per the quarterly index update.
- Therefore, Jordan's comments that inflation could potentially come in firmer in Q2 than expected by the SNB seem to be consistent with a slight uptick in headline in May. Some underlying slowdown in inflation might throw this off, however.
MNI, SECO
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.
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