MNI FEB CHICAGO BUSINESS BAROMETER 45.5 VS JAN 39.5

CANADIAN Q4 ANNUALIZED GDP +2.6% BEATs BOC's +1.8% FORECAST

MNI China Daily Summary: Friday, February 28

MNI BRIEF: Xi Calls For Greater Consumption To Boost Demand

MNI BRIEF: China To Fight Against Extra U.S. Tariffs: MOFCOM

MNI BRIEF:China's Politburo Eyes More Proactive Macro Policies

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI: GERMANY NRW FEB CPI +0.4% M/M, +1.9% Y/Y

MNI: BADEN WUERT FEB CPI +0.5% M/M, +2.5% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SNB: Schlegel Sticking To Prior Rhetoric But STIR Prices In More Easing

SNB
SNBCentral Bank NewsSwitzerlandCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

SNB President Schlegel appears to be sticking to prior rhetoric in his interview with Swiss broadcaster SRF to be published today 9:15pm according to some preliminary headlines which appeared on Bloomberg. The headlines continue to lean dovish, but we would argue they reiterate Schlegel's prior communication:

  • "IF NEEDED, EASING SHOULD BE DONE QUICKLY" note that he opposed any "dry powder" arguments at the press conference following the 50bp cut December meeting.
  • "MONTHLY INFLATION DATA MAY DIP BELOW ZERO" also lines up with December meeting commentary
  • "SWISS INFLATION TO BE RELATIVELY LOW THIS YEAR" in line with the conditional inflation forecast seeing Q1 average inflation at only 0.3% Y/Y.

Swiss STIR pricing meanwhile appears to have taken the commentary with a dovish tilt, with the Dec-25 3m SARON future pricing in around 3bp more easing since the headlines were released, for a current 99.90. However, note that SARON liquidity is likely limited at the moment given timing on the day.

Keep reading...Show less
170 words

To read the full story

Close

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.

SNB President Schlegel appears to be sticking to prior rhetoric in his interview with Swiss broadcaster SRF to be published today 9:15pm according to some preliminary headlines which appeared on Bloomberg. The headlines continue to lean dovish, but we would argue they reiterate Schlegel's prior communication:

  • "IF NEEDED, EASING SHOULD BE DONE QUICKLY" note that he opposed any "dry powder" arguments at the press conference following the 50bp cut December meeting.
  • "MONTHLY INFLATION DATA MAY DIP BELOW ZERO" also lines up with December meeting commentary
  • "SWISS INFLATION TO BE RELATIVELY LOW THIS YEAR" in line with the conditional inflation forecast seeing Q1 average inflation at only 0.3% Y/Y.

Swiss STIR pricing meanwhile appears to have taken the commentary with a dovish tilt, with the Dec-25 3m SARON future pricing in around 3bp more easing since the headlines were released, for a current 99.90. However, note that SARON liquidity is likely limited at the moment given timing on the day.

Keep reading...Show less