• Prior 1.75%
  • Will adjust monetary policy if necessary to ensure inflation remains in range consistent with price stability over the medium-term
  • Willing to be active in FX market as necessary
  • 2023 inflation seen at 2.1% (prior 2.2%)
  • 2024 inflation seen at 1.9% (prior 2.2%)
  • 2025 inflation seen at 1.6% (prior 1.9%)
  • Full statement

No major surprises by the SNB in their latest policy decision, as they keep a more neutral stance. They removed the passage that "it cannot be ruled out that further tightening may become necessary", opting for a stance that reaffirms that they are officially on hold now. And the lower inflation forecasts only serves to support that narrative at the moment.