SNB's Jordan: Swiss franc is still highly valued
Comments by SNB chief, Thomas Jordan
- Global economy signs remain mixed
- Risks to baseline scenario remains to the downside
- Inflation expectations have declined slightly
- SNB policy rate signals level for short-term money market
Mainly a reiteration of the statement earlier. Of note, despite them saying that inflation expectations have declined, they still projected that inflation will be seen improving this year compared to their March forecasts.
That said, CPI at +0.6% y/y is nothing to really shout about. It's a far cry from 2% and for them to be able to normalise monetary policy still.