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Benign inflation keeps Swiss National Bank on hold
At its June meeting, the SNB struck a relaxed tone on inflation. After rising from 0.1% in February to 0.6% in May, inflation in Switzerland remains comfortably within the SNB’s target range of 0–2%. Energy prices have of course increased in Switzerland, as elsewhere (+17.7% year-on-year for petroleum products). However, the strength of the Swiss franc continues to exert significant disinflationary pressure. Imported goods, which account for around 22% of the consumer price index, rose by only 0.7% YoY in May. This marks a shift from the past three years, during which imported prices were consistently declining, ... (full story)
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From @financialjuice|5 hr agoSNB's Chairman Schlegel: At the moment it is not necessary to act on interest rate.
From @FirstSquawk|5 hr agoSwiss National Bank's Tschudin: Economic Activity In Switzerland Resilient, With Solid GDP Growth In First Quarter SNB Vice Chairman: Anticipate Inflation Worldwide To Remain Elevated Over Coming Quarters Due To Higher Raw Material Prices
From snb.ch|6 hr agoLadies and gentlemen On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB's news conference. After our introductory remarks, we will as usual be pleased to take any questions you may have. Monetary policy decision I will begin with our monetary policy decision. We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. Our mo SNB's Chairman Schlegel: Energy prices still determined by war situation. SNB's Chairman Schlegel: If necessary our readiness to intervene in forex market is higher, difficult to say if it is more or less than before.
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- Jun 18, 4:29am | 4 hr ago Posted byFundamental Analysis1643
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