SZ SNB Monetary Policy Assessment
It's the primary tool the SNB Governing Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it projects the economic outlook and offers clues on the outcome of future rate decisions;
- History
| Expected Impact / Date | Description |
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| Sep 26, 2024 | |
| Jun 20, 2024 | |
| Mar 21, 2024 | |
| Dec 14, 2023 | |
| Sep 21, 2023 | |
| Jun 22, 2023 | |
| Mar 23, 2023 | |
| Dec 15, 2022 | |
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- SZ SNB Monetary Policy Assessment News
From cnbc.com|Sep 26, 2024The Swiss National Bank on Thursday took a third step to loosen monetary policy this year, bringing its key interest rate down by 25 basis points to 1.0%. The trim, which had been anticipated by 30 of 32 analysts surveyed in a Reuters poll, marked the SNB’s third interest rate reduction of 2024. It was the first major Western central bank to reduce interest rates back in March. The third trim comes amid similar signals from the European Central Bank and the U.S. Federal Reserve, which took the long-awaited plunge to slim down its ...
From snb.ch|Sep 26, 2024The Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 1.0%. The change applies from tomorrow, 27 September 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0.5% above this threshold. The SNB also remains willing to be active in the foreign exchange market as necessary. Inflationary pressure in Switzerland has again decreased significantly compared to the previous quarter. Among other things, this decrease reflects the appreciation ...
From econoday.com|Sep 23, 2024Should the central bank see fit to ease at what would be a third successive Monetary Policy Assessment (MPA), there would seem to be few hurdles in the path of another cut in the SNB’s policy rate this week. Inflation remains low, the Swiss franc strong and domestic economic activity, at best, sluggish. In addition, both the ECB and the Federal Reserve have reduced their key rates since the June MPA. The bank has a habit of surprising investors but there is a strong market consensus favouring another 25 basis point reduction in the ...
From xm.com|Sep 20, 2024The Swiss National Bank (SNB) will be the final major central bank to announce its policy decision in September. Like the Fed, there is a substantial degree of uncertainty around the size of the cut. Investors have priced in around a 60% probability of a 25-basis-point rate reduction, with the remaining odds being for a 50-bps move. Expectations for a larger cut have gained ground since the beginning of August when the Swiss franc spiked higher against the US dollar and euro. SNB chief Thomas Jordan, who will chair his last meeting ...
From cnbc.com|Jun 20, 2024The Swiss National Bank on Thursday trimmed its key interest rate by 25 basis points to 1.25%, continuing cuts at a time when sentiment over monetary policy easing remains mixed among major economies. Two thirds of economists polled by Reuters had anticipated the SNB would decide in favor of a 25-basis-point-cut to 1.25%. The Swiss franc weakened in the wake of the announcement, with the Euro gaining 0.3% and the U.S. dollar up 0.5% against the Swiss currency at 8:55 a.m. London time. Following the Thursday decision, the Swiss ...
From snb.ch|Jun 20, 2024|1 commentThe Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 1.25%. The change applies from tomorrow, 21 June 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0.75% above this threshold. The SNB is also willing to be active in the foreign exchange market as necessary. The underlying inflationary pressure has decreased again compared to the previous quarter. With today’s lowering of the SNB policy rate, the SNB is able to maintain appropriate monetary conditions. The SNB will continue to monitor the development of inflation closely, and will adjust its monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term. Inflation has risen slightly since the last monetary policy assessment, and stood at 1.4% in May. Higher inflation in rents, tourism services and oil products has contributed in particular to this increase. Overall, inflation in Switzerland is currently being driven above all by higher prices for domestic services. Taking into account today’s policy rate cut, the new conditional inflation forecast is similar to that of March. Over the longe post: SNB: WE ARE ALSO WILLING TO BE ACTIVE IN THE FOREIGN EXCHANGE MARKET AS NECESSARY. post: SNB: A RENEWED INCREASE IN GEOPOLITICAL TENSIONS COULD RESULT IN WEAKER DEVELOPMENT OF GLOBAL ECONOMIC ACTIVITY. post: SNB: THE FORECAST FOR SWITZERLAND, AS FOR THE GLOBAL ECONOMY, IS SUBJECT TO SIGNIFICANT UNCERTAINTY. DEVELOPMENTS ABROAD REPRESENT THE MAIN RISK. post: SNB: INFLATION IN SWITZERLAND IS CURRENTLY BEING DRIVEN ABOVE ALL BY HIGHER PRICES FOR DOMESTIC SERVICES.
From cnbc.com|Mar 21, 2024The Swiss National Bank on Thursday surprised the market with a decision to lower its main policy rate by 0.25 percentage points to 1.5%, saying national inflation is likely to stay below 2% for the foreseeable future. Economists polled by Reuters had expected the Swiss central bank to hold rates at 1.75%. “For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability. According to the new forecast, inflation is also likely to remain in this range over the next few years,” the bank ...
From snb.ch|Mar 21, 2024|9 commentsThe Swiss National Bank is lowering the SNB policy rate by 0.25 percentage points to 1.5%. The change applies from tomorrow, 22 March 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 1.0% above this threshold. The SNB also remains willing to be active in the foreign exchange market as necessary. The easing of monetary policy has been made possible because the fight against inflation over the past two and a half years has been effective. For some months now, inflation has been back below 2% and thus in the range the SNB equates with price stability. According to the new forecast, inflation is also likely to remain in this range over the next few years. With its decision, the SNB is taking into account the reduced inflationary pressure as well as the appreciation of the Swiss franc in real terms over the past year. The policy rate cut also supports economic activity. Today’s easing thus ensures that monetary conditions remain appropriate. The SNB will continue to monitor the development of inflation closely, and will adjust its monetary policy again if necessary to ensure inflation remains within the range consistent with price stability over the medium term. Inflation has declined further since the beginning of the year, and stood at 1.2% in February. This decrease was attributable to lower goods inflation. Inflation is currently being driven above all by higher prices for domestic services. The new conditional inflation forecast is significantly lower than that of December. In the short term, this is above all due to the fact that price momentum in the case of some categories of goods has slow post:
SNB SEES 2024 INFLATION AT 1.4%, 2025 AT 1.2% AND 2026 AT 1.1%. post: SNB: MOMENTUM IN THE MORTGAGE AND REAL ESTATE MARKETS HAS WEAKENED NOTICEABLY IN RECENT QUARTERS. HOWEVER, THE VULNERABILITIES IN THESE MARKETS REMAIN. post: SNB: THE WEAK DEMAND FROM ABROAD AND THE APPRECIATION OF THE SWISS FRANC IN REAL TERMS OVER THE PAST YEAR ARE HAVING A DAMPENING EFFECT. post: SNB: WE ARE WILLING TO BE ACTIVE IN FOREIGN EXCHANGE.
| Released on Sep 26, 2024 |
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| Released on Jun 20, 2024 |
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| Released on Mar 21, 2024 |
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