Following the Swiss National Bank’s (SNB) decision to reduce the monetary policy rate for the second consecutive meeting, President Thomas Jordan speaks about the outlook for inflation and policy during the post-meeting press conference on Thursday.
Key comments
Core inflation pressure has eased.
The Swiss Franc has risen significantly in recent weeks.
Swiss inflation is driven by the prices of household services.
We will continue to closely monitor inflation developments, adjusting policy if necessary.
The SNB is willing to be active in the currency markets as necessary.
Political risks increase uncertainty about inflation.
The appreciation of the Franc is due to political uncertainties.
We do not give any future guidance on interest rates.
We will adjust the monetary policy rate to ensure that the inflation rate remains within the range of price stability.
We will move forward watching inflationary pressure.
The exchange rate plays a very important role, it has an influence on the inflation outlook.
There is an appreciation of the Swiss Franc, which has an impact on monetary conditions.
Interventions in the foreign exchange market can go in both directions.
The Franc plays an important role in monetary conditions.
We take the exchange rate into account when calculating our inflation forecasts.
Our main instrument is the SNB policy rate and can, when necessary, be active in the foreign exchange market.
Inflation is the SNB’s mandate, the focus is on price stability.
Source: Fx Street
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