BREAKING: SNB holds rate at the curent level; CHF drops!

Switzerland (SNB) - Interest rate decision. Actual: 1.75%. Forecast: 2.00%. Previously: 1.75%

The Swiss National Bank held its interest rate unchanged at 1.75% as the central bank paused its cycle against inflation which has recently ebbed lower in Switzerland, marking the first time the central bank has not hiked rates since March 2022.

SNB sees 2023 inflation at 2.2%; 2024 at 2.2%; 2025 at 1.9% - The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure - SNB added. Nevertheless, from today’s perspective, it cannot be ruled out that a further tightening of monetary policy may become necessary to ensure price stability over the medium term.

Source: SNB

Medium term inflation forecast was revised lower. Source: SNB

Source: xStation 5