Swiss SNB Policy Rate (Q1) -0.75% vs. Exp. -0.75% (Prev. -0.75%); CHF classified as “Highly Valued”, willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on CHF

• Inflation: 2022 2.1% (prev. 1.0%, SECO 1.9%, KOF 1.9%), 2023 0.9% (prev. 0.6%, SECO 0.7%, KOF 0.7%).
• Retains expansionary monetary policy.
• Higher commodity prices will lift inflation further in the short term.

Via SNB