SNB leaves policy rate unchanged at -0.75%, as expected

• Prior -0.75%
• Sight deposit interest rate unchanged at -0.75%

• Swiss france remains highly valued
• Will remain active in foreign exchange market as necessary
• Remains ready for FX intervention if necessary
• Anticipates global economic recovery will continue overall despite war in Ukraine
• Sees 2022 inflation at 2.1% (previously 1.0%)
• Sees 2023 inflation at 0.9% (previously 0.6%)
• Full statement

No change whatsoever by the SNB as you would expect. Despite seeing inflation at just above 2% for the year, it isn't going to do anything to change their policy stance. The central bank reaffirms that risks to growth are considerable and to the downside, adding to the lower inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term forecast for 2023; hence, their outlook doesn't factor in any tightening of policy.