Reuters Poll
On June 14, Reuters reported the Swiss National Bank to leave rates steady in June, raise 25 bps in Sept: Reuters Poll
Surprise Hike to Negative 0.25 Percent
In a Surprise Move on June 16, SNB Chairman Thomas Jordan said rising Swiss inflation – which hit its highest level in nearly 14 years in May – meant the central bank may have to act again.
“Without today’s SNB policy rate increase, the inflation forecast would be significantly higher,” Jordan told a news conference.
“We are not in the business of very precise forward guidance, but … at the end of our forecast horizon inflation will again go over 2% so we have to see what measures are necessary,” Jordan said.
No Leaks!
Unlike the US where the WSJ reported a leak in a blackout period just two days before the Wednesday announcement, the Swiss National Bank does not engage in forward guidance or last second leaks to existing guidance.
Fed “Wordsmithing” and a 0.75 Percentage Point Hike, Largest Increase Since 1994
In the US, please consider Fed “Wordsmithing” and a 0.75 Percentage Point Hike, Largest Increase Since 1994.
Also consider Recession Watch Update, Where Do Things Stand After the Huge Fed Hike?
This post originated at MishTalk.Com.
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Total liabilities of $8,890,747 million, and paid-in and surplus capital of $41,672 million. Note, however, that some securities are carried at FACE value and some are at CASH value.