The SNB announces its June monetary policy meeting decision - 21 June 2018
- Prior -0.75%
- 3-month Libor lower target range -1.25%
- 3- month Libor upper target range -0.25%
Here's the meeting statement:
- Prepared to intervene in the FX market if needed
- Negative rate, intervention pledge remains essential
- 2018 GDP growth forecast unchanged at 2%
- 2018 inflation seen at 0.9% (previous forecast 0.6%)
- 2019 inflation seen at 0.9% (previous forecast 0.9%)
- 2020 inflation seen at 1.6% (previous forecast 1.9%)
- CHF remains highly valued
- Economic signals for global economy remains favourable
- Risks to SNB's baseline scenario are more to the downside
- Situation in the FX market remains fragile
Nothing new from the SNB as expected, mainly a reiteration of the previous message seen in March and a slight upgrade to this year's inflation forecast - as expected as well.
Pretty much the non-event you'd expect it to be, and with the ECB pledging to keep rates unchanged until "through the summer of 2019" and EUR/CHF still some distance from 1.20, expect more of the same to come in Q3.
Jordan's press conference will be up next at 0830 GMT.
