Remarks by SNB chief, Thomas Jordan
- There is absolutely no change to our monetary policy
- Sees no point in changing policy at the moment
- Higher inflation forecast should not be seen as exit from expansive policy
- SNB welcomes slight depreciation in the franc
As much as he doesn't want to risk the market misinterpreting the SNB, I don't think many would have extrapolated a less dovish stance from the central bank today.
It was pretty much a non-event and with them still viewing the franc as being highly valued and inflation still largely subdued, they are not going to move on policy any time soon.
The weaker franc may allow them more room to intervene less in the market but rest assured, they will be there if the currency does turn a corner in trading this year.
