As expected. SNB continues to aim for 3-month libor at 0.25%.
- SNB sees 2011 GDP growth at some 2% (same as previous forecast)
- Sees 2011 inflation at +0.9% (previous forecast +0.8)
- 2012 inflation +1.0% (previous forecast +1.1%), 2013 inflation +1.7% (previous forecast +2.0%)
- Over course of 2012 sees lower growth due to appreciation of the swiss franc
- Current expansionary monetary policy can’t be maintained over the entire forecast horizon
- Main risks effects of strong franc on exports and the danger of overheating in the real estate sector
- Recent commodity price increase weighs on global economic growth and poses upside risks to inflation
