Yesterday, the Swiss National Bank published its summary of the discussions at its June monetary policy assessment. I remain impressed by these summaries. They strike a good balance between transparency and detail, conveying the Governing Board’s thinking without overwhelming the reader. The summary contains several interesting signals about how the SNB currently views the economy and the outlook for monetary policy. One concerns the outlook for oil prices. Although oil futures were trading at around USD 80 per barrel, the Governing Board noted that global inventories are historically low and warned that, if the ... (full story)