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.
Executive Summary:
- The SNB kept policy unchanged, with the Sight Deposit Rate and main Policy Rate at -0.75%.
- The Bank retained their view that the CHF is “highly valued”, repeating that the bank remains willing to intervene as necessary.
- The inflation forecast saw a very marginal shift higher, but inflation seen below target across the forecast horizon.
The SNB kept policy unchanged in December, with the board looking to further ensure price stability and add “support to the Swiss economy in its recovery”. They retained their language around the CHF, describing the currency as “highly valued”, again reiterating that they are willing to intervene as necessary.
Inflation forecasts were revised higher – alongside expectations – with the SNB pinning the forecast upgrade on elevated import prices (read: oil and gas) and global supply bottlenecks. Nonetheless, the bank kept the longer-term inflation forecasts “virtually unchanged with September”. This keeps their CPI forecast notably below target across the forecast horizon which now stretches to Q3 2024.
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.