Benign Inflation Keeps Swiss National Bank On Hold

The Swiss National Bank kept its policy rate at 0%, citing benign inflation levels within its 0-2% target range. The bank maintains a conditional readiness to intervene in FX markets only to prevent excessive Swiss franc appreciation.

Key Takeaways

• 1.The Swiss National Bank (SNB) has maintained its policy rate at 0%.
• 2.Inflation in Switzerland remains controlled and within the SNB target range of 0-2%.
• 3.The SNB maintains a conditional willingness to intervene in FX markets specifically to counter rapid, excessive Swiss franc appreciation.

Table of Contents

• Benign inflation keeps Swiss National Bank on hold
• Inflation remains under control
• Inflation outlook remains benign
• Targeted FX interventions remain on the table
• A comfortable position
• EUR/CHF: Some modest upside

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