SNB’s Jordan: Our willingness to intervene in the FX market remains the same

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.

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