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MNI INTERVIEW: SNB Could Be Forced Into Intra-Meeting Hike

(MNI) LONDON

Rising rates in the U.S. and the eurozone may prod the SNB to act before its next meeting set for December, a former SNB economist says.

The Swiss National Bank could be forced to announce a 25 or 50bp interest rate hike before its next scheduled meeting as major central banks continue to tighten their monetary policy, a former SNB economist told MNI in an interview, though she saw it as unlikely that the policy rate would rise much beyond 1.5%.

The SNB will try to avoid another monetary policy decision before its next planned announcement, said Sarah Lein, senior economist at the SNB from 2008-14 and now professor of macroeconomics at the University of Basel. But, while Chairman Thomas Jordan could use communication to signal a higher or lower rate path and smooth out the period between September and December, recent experience suggests the bank may be reluctant to provide steers on its possible future policy path.

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The Swiss National Bank could be forced to announce a 25 or 50bp interest rate hike before its next scheduled meeting as major central banks continue to tighten their monetary policy, a former SNB economist told MNI in an interview, though she saw it as unlikely that the policy rate would rise much beyond 1.5%.

The SNB will try to avoid another monetary policy decision before its next planned announcement, said Sarah Lein, senior economist at the SNB from 2008-14 and now professor of macroeconomics at the University of Basel. But, while Chairman Thomas Jordan could use communication to signal a higher or lower rate path and smooth out the period between September and December, recent experience suggests the bank may be reluctant to provide steers on its possible future policy path.

Keep reading...Show less