- There has been appreciation in the Swiss franc
- That has an impact on monetary conditions
- Exchange rate plays a very important role as it influences inflation outlook
- Will adjust policy rate to ensure inflation stays in the range of price stability
The fact that he continues to allude to the franc having appreciated should be a signal that they'll be backing off, after having been suspected of intervening in recent weeks. The key takeaway from all of this is the change in the narrative from Jordan. In May, he said that "a weaker franc is the main source of inflation". Today, there isn't any mention resembling that whatsoever. Instead, it has been the opposite.
