As expected

  • 3 month LIBOR lower target -1.25% as exp/prev
  • 3 month LIBOR upper target -0.25% as exp/prev
  • sight deposit -0.75% as exp/prev
  • SNB will remain active in FX market if needed
  • franc still highly valued
  • franc significantly overvalued
  • sees Swiss GDP to pick up gradually in H2
  • sees 2015 CPI -1.2% vs -1.0 % prev
  • sees positive inflation at start of 2017

USDCHF a tad lower at 0.9690 EURCHF 1.0958 both near session lows

Full SNB release here

Earlier the Swiss govt produced their own economic forecasts