Remarks by SNB chief, Thomas Jordan
- There is absolutely no change to our monetary policy
- Sees no point in changing policy at the moment
- Higher inflation forecast should not be seen as exit from expansive policy
- SNB welcomes slight depreciation in the franc
As much as he doesn’t want to risk the market misinterpreting the SNB, I don’t think many would have extrapolated a less dovish stance from the central bank today.
It was pretty much a non-event and with them still viewing the franc as being highly valued and inflation still largely subdued, they are not going to move on policy any time soon.