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SNB Keep Policy Unchanged

SNB

Swiss National Bank keep the sight deposit rate unchanged at 0.75%, alongside expectations.

Policy statement found here: https://www.snb.ch/en/mmr/reference/pre_20211216/s...

Highlights:

  • Retains view that CHF is "highly valued"
  • Inflation forecasts bump higher - as expected
  • No change to tiering multiplier which had been mentioned by some
  • SNB flag that mortgage, real estate risks have increased, and they continue to reassess the need for a reactivation of the capital buffer.
  • Largely inline with expectations, and no response in CHF.

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