Swiss National Bank news from Thursday ICYMI:
- SNB brings back zero rates in June monetary policy decision, as expected
- SNB chairman Schlegel: We are now on the verge of negative interest rate territory
- SNB chairman Schlegel: We don't take decision on negative interest rates lightly
The cut comes as Swiss inflation turned int deflation in recent months, from 0.3% in February to -0.1% in May.
Comments from the SNB included:
- “Inflationary pressure has decreased compared to the previous quarter. With today’s easing of monetary policy, the SNB is countering the lower inflationary pressure”
- “The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, to ensure that inflation remains within the range consistent with price stability over the medium term”
The SNB is projecting global economic growth will weaken over the coming quarters:
- US inflation likely to rise in the quarters ahead
- Europe is expected to see a further decrease in inflationary pressures
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Schlegel bekräftigte auch, dass die Notenbank bei Bedarf den gegenwärtig bei 0,5 Prozent liegenden Leitzins wieder in den negativen Bereich drücken würde. «Mit Blick auf zukünftige Entscheide schliessen wir nichts aus.» Der Negativzins habe in der Schweiz in der Vergangenheit funktioniert, indem er die Attraktivität des Frankens verringerte. Auf der anderen Seite seien Negativzinsen für Sparer nicht attraktiv. Zudem habe der Negativzins das Zinsgefüge durcheinandergebracht, weil als Reaktion darauf einige Banken die Kreditzinsen erhöhten, um verlorene Marge wettzumachen. «Wenn es nicht sein muss, werden wir den Negativzins nicht erneut einführen», erklärte Schlegel.
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