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Statement to government implies little change to monpol approach since September

  • The Swiss Federal Council has had its yearly meeting with SNB members including its president, Thomas Jordan. A press statement containing an outlook on monetary policy in Switzerland is made public in the aftermath of the meeting.
  • The SNB still does not rule out further interest hikes to ensure price stability, noting that Swiss inflation remains significantly lower than abroad but might rise again in the coming months due to higher rents and energy prices.
  • These statements match the tone of the policy statement from the September SNB meeting on both the monpol outlook and the inflation forecast.
  • Markets continue to price 1.75% as being the peak policy rate this cycle, For the December meeting, a negligible 1.3bps of tightening is priced (against 6.6bps as of Oct 2). For the March ’24 meeting, rate cuts begin to be reflected in the curve, with 8.6bps of easing priced (against 11.5bps of hikes at the beginning of October).

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