ICYMI - Swiss National Bank President Thomas Jordan spoke on Tuesday, at an event in the Swiss town of Brig.

Jordan once again addressed the strong Swiss franc, saying it has helped to cap inflation:

  • “The nominal appreciation of the franc has lowered inflation”
  • “The real appreciation was much lower, but the franc has also appreciated in real terms in 2023. And that hurts, companies feel that”

On the economy, sees no recession:

  • “Economists are confident that there won’t be a recession — and we are also confident, otherwise we would forecast one”
  • “No recession, just weak growth”


Latest expectations centre on a Swiss National Bank rate cut in Q3 of 2024, likely September.

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