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Policy Rate Raised by 25bps to 1.75%, Reiterates Readiness to Intervene in FX

  • The SNB raises rates by 25bps to 1.75%, and reiterates their readiness to intervene in currency markets. The bank adds that they cannot exclude the possibility of further rate hikes ahead, highlighting the increased inflationary pressure over the medium-term.

Full SNB statement here:

  • Conditional inflation forecast ticks lower into year-end 2023 (2.0% for Q4 from 2.3% prev) but is revised higher across 2024 by 0.2/0.3ppts.
  • Whipsaw price action in CHF - USD/CHF initially spikes to 0.8947 (factoring out partial pricing of a 50bps move), and is holding the bulk of the ~20pip bounce at typing.
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