SNB's Maechler: Swiss short-term growth outlook has worsened
Comments from Andrea Maechler:
- Swiss momentum may improve in 2020
- Inflation pressures very weak
- Franc highly valued
- Easy monetary policy still needed
- Negative rates and pledge to intervene in FX still necessary
These are mostly old news but the comment about softer growth in the short-term is worrisome. Given the optimism about 2020 it doesn't point to any action but it bears watching -- especially if today's pessimism on US-China trade turns into a blowup.