Swiss SNB Policy Rate (Q3) 0.0% vs. Exp. 0.0% (Prev. 0.0%); willing to intervene in FX if needed, annual inflation forecasts maintained

FX

• Remains ready to intervene in forex markets as needed.

Economy

• Inflationary pressure is virtually unchanged compared to the previous quarter.
• Anticipates that growth in the global economy will be subdued over the coming quarters.
• Trade barriers could be raised further, leading to a more pronounced slowdown in the global economy.

Sight deposits

• Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold.
• The discount for sight deposits above this threshold still stands at 0.25%

Forecasts