• Franc remains highly valued
  • Cap key for ensuring adequate conditions
  • Will take further measures as needed
  • Risk of deflation has increased
  • Watching question of Scotland currency
  • Scotland vote a source of new insecurity (not another one. Last night it was someone asking Yellen)

Nothing new here that we haven’t heard before or didn’t know. The SNB are keeping monetary policy as is but they are still primed. As we know from previous experience they prefer to go for shock and awe rather than make a move when everyone is expecting it. Fair play to them as it keeps everyone on their toes.