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SNB: Schlegel Highlights CHF Strength, Low SNB Equity in Zurich Speech

SNB
SNBCentral Bank NewsSwitzerlandCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

SNB President Schlegel highlights CHF appreciation, affirms the SNB's "flexible" inflation target, and is looking for a stronger SNB capitalization in today's speech in Zurich. Meanwhile, there appears to be little reference to either the recent downward inflation prints in Switzerland, or any more forceful commitment to larger rate cuts at the December meeting

  • That is not necessarily unexpected - also former President Jordan refrained from giving a clear expectations steer ahead of meetings at least in recent times.
  • Markets expectations for the December policy meeting have moved further dovish for multiple months now, currently standing at broadly around 42bps of expected easing. That would equalize to around a 2/3rds implied chance of an outsized 50bp cut in Dec.

Key highlights below:

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SNB President Schlegel highlights CHF appreciation, affirms the SNB's "flexible" inflation target, and is looking for a stronger SNB capitalization in today's speech in Zurich. Meanwhile, there appears to be little reference to either the recent downward inflation prints in Switzerland, or any more forceful commitment to larger rate cuts at the December meeting

  • That is not necessarily unexpected - also former President Jordan refrained from giving a clear expectations steer ahead of meetings at least in recent times.
  • Markets expectations for the December policy meeting have moved further dovish for multiple months now, currently standing at broadly around 42bps of expected easing. That would equalize to around a 2/3rds implied chance of an outsized 50bp cut in Dec.

Key highlights below:

Keep reading...Show less