The latest results from Reuters' poll on economists on the SNB ahead of the policy meeting decision this week:

  • 30 of 37 economists expect another 25 bps rate hike this week
  • The majority then sees the SNB keeping rates unchanged at 2% until at least middle of next year

As the Fed and ECB also move to the sidelines, other major central banks will also feel compelled to do so amid a slowdown in global economic conditions. I think the SNB can manage that quite well as inflation pressures are not as high and stubborn compared to other countries. If anything, it will be more interesting to see how the BOE manages this particular tightrope in this week's meeting communique.