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MNI SNB Preview - December 2023: No Imminent Pressure

SNB

Executive Summary:

  • SNB likely to keep policy unchanged, with the policy rate at 1.75%
  • Inflation has slipped below 2%, meeting SNB target, but lower inflation expectations should still see inflation creeping higher ahead
  • Markets likely to focus on FX intervention messaging given recent CHF appreciation
Full preview including summary of sell-side views here:
A hold at 1.75% seems likely given inflation has met the SNB’s policy target of falling below 2.00% on a Y/Y basis. The CPI projection is still expected to rise back above the mark in 2024, but should nonetheless be revised lower at this quarter’s policy decision. This leaves markets to focus on communication around the currency and the scale of any future FX intervention, given recent market moves that have resulted in the CHF printing multi-year highs vs. the EUR.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange BulletsHomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsSwiss National Bank Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange BulletsHomepageEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income BulletsSwiss National Bank Market News

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