MNI BRIEF: SNB Joins Ranks Of Hawkish Holds
SNB leaves rates unchanged at 1.75%. but warns will hike again if needed to quell inflation
The Swiss National Bank left its policy rate unchanged at 1.75%, saying the significant tightening of recent quarters was countering remaining inflationary pressure but that further tightening could not be ruled out "to ensure price stability over the medium term".
The central bank said it will monitor inflation developments "closely in the coming months". (See MNI: SNB In Close Call, With 25Bp Hike On The Table-Economists)
To ensure appropriate monetary conditions, the SNB said it remains willing to act in the foreign exchange market as necessary. In the current environment, the focus is on selling foreign currency, the SNB said in a statement.