The SNB have been trotting out the negative rate line since they out the peg in place. They’ve now been overtaken by the ECB on that front and are still just jabbering on about it.
“The franc is still a highly valued currency. It is important that we can maintain adequate monetary conditions for Switzerland”
Gone are the days when anything the SNB did or said had a material effect on the currency.
And yes I hope my comment is a kiss of death for a move
Adds;
- We can’t sound the all clear as mortgage imbalances remain
- Clear that liquidity withdrawal needed at some point
- Expansive policy is warranted
- Must make sure imbalances are kept in check
- This is not the time for exit from monetary policy
- Current monetary policy is the correct monetary policy
- Will continue this policy for the foreseeable future
