Tag Archive: Swiss monetary policy

Swiss monetary policy – it’s (almost) all about the Swiss franc

2019-06-26

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2019-06-26

ECB Deposit Rate and SNB Interest Rate on Sight Deposits, 2014-2019
With the ECB and the Fed both signalling their readiness to provide further stimulus, the Swiss National Bank is unlikely to have smooth sailing over the coming months.How the Swiss National Bank (SNB) reacts to further stimulus by its US and European counterparts will be the key focus of the coming months for investors. 

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Swiss Policy Mix Review

2019-04-17

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2019-04-17

Swiss Government Debt, 1990 - 2018
The Swiss federal budget is governed by a strict expenditure rule, which is enshrined in the Constitution. Since its introduction, the ratio of public debt-to-GDP has been significantly reduced, falling back to its early-90’s level. At the close of 2018, the Swiss federal budget registered a significant surplus of CHF 2.9 billion, compared with budget projections for a surplus of CHF 295 million.

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Surprise contraction in Swiss Q3 GDP

2018-11-29

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2018-11-29

Swiss Quarterly GDP growth 2014-2018
Switzerland’s growth unexpectedly contracted in the third quarter, pushing down our GDP growth forecast for 2018. Recent softening in the euro area also casts doubts about the pace of monetary tightening by the SNB.The strong growth enjoyed by the Swiss economy since Q1 2017 came suddenly to an end in Q3 18, when real GDP shrank unexpectedly by 0.2% q-o-q (-0.9% q-o-q annualised).

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Cut to Swiss inflation forecast

2018-09-23

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2018-09-23

Swiss Monetary Policy, 2005 - 2018
The Swiss National Bank has revised down its medium-term forecast for consumer inflation. We still expect a first SNB rate hike in September 2019. At the end of its quarterly monetary assessment meeting, the Swiss National Bank (SNB) left its main policy rates unchanged.

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Too early for Switzerland’s central bank to change policy…

2018-03-15

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2018-03-15

Switzerland: headline inflation and SNB inflation forecasts
At its latest quarterly monetary policy assessment unveiled today, the Swiss National Bank (SNB) maintained its accommodative monetary policy. The target range for the 3-month Libor was kept between -1.25% and -0.25%, the interest rate on sight deposits with the SNB was maintained at a record low of -0.75%, and the central bank reiterated its willingness to intervene in the foreign exchange market if needed.

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Increasingly optimistic on Swiss outlook

2017-12-22

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2017-12-22

At its December meeting, the Swiss National Bank (SNB) left its accommodative monetary policy unchanged. More specifically, the SNB maintained the target range for the three-month Libor at between - 1.25% and-0.25% and the interest rate on sight deposits at a record low of - 0.75%. The SNB also reiterated its commitment to intervene in the foreign exchange market if needed, taking into account the “overall currency situation”.

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