- Thinks that inflation will come back down but have to be vigilant
- Deterioration in consumer climate could weigh on economy
- A strong franc helps against inflation, helps to reduce the price of imports
- Despite rising market interest rates, we remain in a world of very accommodative financial conditions
It's not exactly a shift in thinking in the SNB. Maechler is just mainly alluding to the fact that the franc has remained 'strong' and inadvertently that is helping the Swiss economy guard against inflation pressures.