Swiss SNB Policy Rate (Q2) -0.25% vs. Exp. -0.75% (Prev. -0.75%); cannot rule out further rate increases

CHF Classification: (prev. “Highly Valued”).
CHF Language: willing to be active in the foreign exchange market as necessary (prev. “… willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc. In so doing, it takes the overall currency situation and the inflation rate differential with other countries into consideration).
Inflation Forecasts: 2022 2.8% (prev. 2.1%), 2023 1.9% (prev. 0.9%), 2024 1.6% (prev. 0.9%).
Conditional Inflation Forecast: The SNB’s new conditional inflation forecast is based on the assumption that the SNB policy rate is −0.25% over the entire forecast horizon (prev. “…based on the assumption that the SNB policy rate remains at −0.75% over the entire forecast horizon.)
Exemption Threshold: 28x (prev. 30x)
Economic commentary: Since March, there has been a further considerable and broad-based increase in inflation in many countries. The war in Ukraine has been a significant factor here, too, in that the prices of many commodities have risen as a result. In addition, persisting supply bottlenecks have led to further price increases for various goods