Sentiment remains that the SNB won't move before the ECB does
Credit Suisse chief economist, Oliver Adler, argues that the SNB "wants the forex market to take the lead" and that they are likely to wait for the franc to depreciate and won't raise rates before the ECB does. Adding that in not doing so, the central bank fears that it could damage its credibility (after what happened in 2015, really?).
Adler states that "if you start raising rates, it's possible to reverse that again in theory, but in terms of reputation it's not great". Yup, good thing that the SNB doesn't have much of a reputation anymore after the incident in January 2015.
That said, it would still be a long shot for them to ever raise rates before their counterparts in the ECB does as that would lead to significant appreciation in the swissie; and that will basically just counteract all the developments over the last four years.
