SZ SNB Press Conference

post: SNB’s Gov Schlegel: The SNB Does Not Like Negative Interest Rates post: SNB'S CHAIRMAN SCHLEGEL: IF REQUIRED WE WILL ADJUST RATES AT THE MARCH MEETING.

Ladies and gentlemen On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB’s news conference. After our introductory remarks, we will take questions from journalists as usual. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.5 percentage points to 0.5%. The new policy rate applies from tomorrow, 13 December 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0% above this threshold. We also remain willing to be active in the foreign exchange market as necessary. Underlying inflationary pressure has decreased again this quarter. With today’s easing of monetary policy, we are taking this development into account. We will continue to monitor the situation closely, and will adjust our monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term. Inflation forecast Allow me to address the development of inflation in more detail. Inflation in the period since the last monetary policy assessment has again been lower than expected. It decreased from 1.1% in Augu post: SNB CHAIRMAN STATES: TODAY'S CUT PREVENTED A LOWER INFLATION FORECAST. post: SNB CHAIRMAN: FUTURE INFLATION PATH UNCERTAINTY REMAINS HIGH

Ladies and gentlemen As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.0%. The change applies from tomorrow, 27 September 2024. Banks’ sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold, and at 0.5% above this threshold. We also remain willing to be active in the foreign exchange market as necessary. Inflationary pressure in Switzerland has again decreased significantly compared to the previous quarter. Among other things, this decrease reflects the appreciation of the Swiss franc over the last three months. With today’s easing of monetary policy, we are taking the reduction in inflationary pressure into account. Further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term. Inflation forecast Allow me to address the development of inflation in more detail. Inflation in the period since the last monetary policy assessment was lower than expected, standing at 1.1% in August compared to 1.4% in May. Imported goods and services in particular contributed to the decline. Overall, inflation in Switzerland is currently being driven mainly by higher prices for domestic services. post: SNB'S CHAIRMAN JORDAN: DOWNSIDE RISKS TO INFLATION ARE HIGHER THAN UPSIDE RISKS. post: SNB'S CHAIRMAN JORDAN: STRONG FRANC, LOWER OIL AND ELECTRICITY PRICES CONTRIBUTED TO LOWER INFLATION FORECASTS. post: SNB'S CHAIRMAN JORDAN: IT'S NOW POSSIBLE FOR ALL BANKS TO OBTAIN LIQUIDITY AGAINST SECURITIES (PREVIOUSLY ONLY APPLIED TO BIG BANKS).

As Chairman of the Governing Board, it is my pleasure to welcome you to the news conference of the Swiss National Bank. I would also like to welcome all those who are joining us today online. After our introductory remarks, we will take questions from journalists as usual. Questions can also be asked by telephone. Monetary policy decision I will begin with our monetary policy decision. We have decided to lower the SNB policy rate by 0.25 percentage points to 1.25%. The change applies from tomorrow, 21 June 2024. Banks’ sight deposits ...

post: SNB'S CHAIRMAN JORDAN: SWISS INFLATION DRIVEN BY PRICES FOR DOMESTIC SERVICES. post: SNB'S CHAIRMAN JORDAN: SWISS FRANC HAS SIGNIFICANTLY INCREASED IN THE PAST WEEKS. post: SNB'S CHAIRMAN JORDAN: UNDERLYING INFLATION PRESSURE HAS DECREASED. post: SNB'S CHAIRMAN JORDAN: THE SNB IS WILLING TO BE ACTIVE IN THE FOREX MARKETS AS NECESSARY. post: SNB'S CHAIRMAN JORDAN: FRANC APPRECIATION IS DUE TO POLITICAL UNCERTAINTIES.