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SNB’s Jordan: We must ensure price stability over medium-term

SNB’s Jordan is on the wires after the ECB hike rates by 75 basis points today:

  • ECB 75 basis point rate hike not fully surprising
  • We must ensure price stability over medium-term
  • Gas or power stoppages would have devastating impact on economy’s
  • Exchange rates play a role in inflation , when big central banks act this helps us
  • You should not be surprised that SNB acts independently
  • It is positive for SNB of major central banks normalize
  • It would not create difficulty if the ECB takes 100 basis point hikes
  • S&P decides monetary policy and regular meetings unless under severe time pressure
  • no decision yet on what to decide at September 22 policy meeting
  • next step depends on analysis underway, need to gauge inflationary pressure, exchange rate
  • uncertainty about inflation much higher than usual, can’t say have reached a peak
  • price stability is our mandate of course need to keep impact of policy on economy in mind as well
  • Swiss franc rise tends to help rather than hurt
  • real effective exchange rate of franc has been astoundingly stable

The EURCHF has taken a move to the downside today and in the process has move back below the 2015 low near 0.97065. It would take a move back above that level to give the buyers a punchers chance.

EURCHF moves below the 2015 low at 0.97065

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