SNB Chair Jordan says SNB ready to intervene to prevent excessive weakening or strengthening of the CHF; recent apprecition has helped dampen inflation

FX

• SNB ready to intervene to prevent excessive weakening or strengthening of the CHF.
• If there were to be an excessive appreciation of the Swiss franc, we would purchase foreign currency. If the Swiss franc were to weaken, however, we would consider selling foreign currency.
• Recent apprecition has helped dampen inflation

RATES:

• Negative rates will remain an important instrument, will be used if necessary.
• Further rate hikes cannot be ruled out
• Reiterates SNB can do interim rate decisions if needed. 

INFLATION:

• Without rate increases, inflation would have been significantly higher
• Growing signs that inflation is spreading to goods and services not affected by the Ukraine War.

Full release here