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MNI Point of View: Board likely satisfied with current policy as CHF strength capped for now

With interest rates remaining deep in negative territory and persistent FX intervention boosting total sight deposits to all-time highs, it's likely the Bank are satisfied with this expansionary structure and will keep core policy unchanged in September.

Moderating upside pressure on the CHF since June will have alleviated concerns among the governing council, although persistently low inflation remains a drag on policy.

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Contents:
  • Full MNI Point of View and exclusive policy analysis
  • Detailed summary of sell-side analyst views
  • MNI Central Bank Datawatch

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