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MNI SNB Review: June 2024 - Rather Dovish Cut

SNB has cut its policy rate for the second consecutive time by 25bps and kept its FX communications unchanged

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Executive Summary:

  • SNB has cut its policy rate for the second consecutive time by 25bps and kept its FX communications unchanged
  • They have revised lower their inflation forecast amid lower inflationary pressures, despite it being conditional on the new, lower, policy rate of 1.25%, resulting in an overall rather dovish meeting
  • Indications on further potential action by the SNB remain limited as the they continued to give no forward guidance and their reaction function remains rather opaque

For our full review, including a summary of 8 sell-side views, as well as a rough transcript of the press conference incl Q&A, see the PDF below:

SNBReview-2024-06.pdf


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Executive Summary:

  • SNB has cut its policy rate for the second consecutive time by 25bps and kept its FX communications unchanged
  • They have revised lower their inflation forecast amid lower inflationary pressures, despite it being conditional on the new, lower, policy rate of 1.25%, resulting in an overall rather dovish meeting
  • Indications on further potential action by the SNB remain limited as the they continued to give no forward guidance and their reaction function remains rather opaque

For our full review, including a summary of 8 sell-side views, as well as a rough transcript of the press conference incl Q&A, see the PDF below:

SNBReview-2024-06.pdf