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Q&A begins - With First Question on the Surprise Rate Cut:

SNB

Q: The cut was a bit of a surprise - SNB first major central bank to start cutting. How to you characterize the decision? Is it brave, or was it a parting gift?

  • A: Its 100% compatible with our MP framework, as well as our risk management considerations. Inflationary pressures became much lower than projected in December, so it was the right time to adjust MP now.
Q: You expect inflation to be in the price stability range in the forecast horizon, do you rule out further cuts?
  • A: We give no forward guidance on our interest rate decisions. We will look at the inflation forecasts in three months and take the appropriate decisions at that time.

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