Out with their quarterly report.

  • Sees global growth to continue gaining momentum
  • Large structural problems still exist in EU but economy should revive on the back of stable financing conditions
  • Outlook for emerging economies is somewhat more sombre
  • Reaffirms minimum exchange rate
  • Swiss Franc still high, SNB stands ready to enforce 1.20 peg
  • Inflation outlook tilted slightly higher in short term due to oil price rises
  • Revises up GDP forecast to 1.5-2.0% from 1.0-1.5%
  • Real estate dangers persist and imbalances may increase further
  • US economy likely to strengthen further, labour market seems on a stronger footing
  • US housing could temporarily slow on increased long term interest rates
  • Estimates US growth at 1.5% for 2013 and 2.8% for 2014
  • Raises EZ GDP estimates to -0.4% for 2013 and 1.3% for 2014

Recent months have seen a continuation of the slow
recovery in the global economy. In the second quarter,
GDP growth in the advanced economies was stronger than
expected, especially in Germany and France. By contrast,
economic activity in the emerging economies was
sluggish. In the near term, global growth should gradually
gain in momentum and become more broad based.
Nevertheless, the recovery is likely to remain subdued

Since the last monetary policy assessment, the Swiss franc
exchange rate has changed little. The negative yields on
Confederation money market debt register claims suggest
substantial demand for secure investments persists.
Interest rates in the secured money market are still
negative. The value of the Swiss franc remains high.

Full report here;