• SNB says to counter an excessive rise in the swiss franc vs the euro, decisively
  • To stop buying corporate swiss franc bonds
  • Economic recovery, while certainly underway, nevertheless remains fragile
  • Financial industry is gradually recovering, but another deterioration cannot be entirely ruled out
  • Risk of deflation remains
  • Expansionary monetary policy cannot be maintained indefinitely without compromising medium and long-term price stability
  • 2010 GDP growth seen at 0.5-1.0%
  • 2010 inflation seen at 0.5%, 2011 inflation at 0.9%. Considerable risks attached to inflation forecasts

EUR/CHF sits at 1.5115, fractionally easier on the day.