SNB Hike 50bps

As Reuters note - The increase was the SNB's fourth rate hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB's target band of 0-2%.


Statement (for the purists)

Swiss Interest Rate Actual 1.5% (Forecast 1.5%, Previous 1.00%)

SNB Can't Exclude More Rate Hikes In Foreseeable Future

Says Remains Ready To Intervene In Currency Markets

Says To Provide Appropriate Monetary Conditions, The SNB Also Remains Willing To Be Active In The Foreign Exchange Market As Necessary

SNB sees 2023 Swiss growth at around 1% vs the December forecast for growth around 0.5%.

Swiss National Bank Says Stronger Second-Round Effects And The Fact That Inflationary Pressure From Abroad Has Increased Again Mean That, Despite The Raising Of The SNB Policy Rate, The New Forecast Is Higher Through To Mid-2025 Than In December