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  • Swiss National Bank tightens monetary policy further and raises SNB policy rate to 1.5%

    From snb.ch Story is in PDF Format

    The SNB is tightening its monetary policy further and is raising the SNB policy rate by 0.5 percentage points to 1.5%. In doing so, it is countering the renewed increase in inflationary pressure. It cannot be ruled out that additional rises in the SNB policy rate will be necessary to ensure price stability over the medium term. To provide appropriate monetary conditions, the SNB also remains willing to be active in the foreign exchange market as necessary. For some quarters now, the focus has been on selling foreign currency. The SNB policy rate change applies from tomorrow, 24 March 2023. Banks’ sight deposits ... (full story)

Added at 4:43am

  • Swiss central bank hikes interest rates by 50 basis points despite Credit Suisse turmoil

    From cnbc.com

    The Swiss National Bank raised its benchmark interest rate by 50 basis points Thursday, taking it to 1.5%. The rate is the fourth consecutive hike and the change in policy rate is in line with analyst expectations. The latest rate hike comes as domestic inflation remains well above the Swiss National Bank’s target of between 0% and 2%. Swiss inflation rose to 3.4% in February year-on-year, exceeding analyst expectations, although consumer prices are just a fraction of the soaring rates of the country’s European neighbors. The country’s interest rates first moved out of negative territory in September, with the ... (full story)

as expected and everyone had already factored it in...slow is one to move. I think the carry will be too expensive on the CHF side.
Yeah , practically zero movement...
  •  Guest
  • | IP XXX.X.5.40
Guys can someone explain why no movement in swiss
Although more movement was expected, my charts do show some movement which happened on the release.

Attached Image (click to enlarge)
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bullish moviment
What did you expect? this increase was already priced in.
Quoting Guest
Guys can someone explain why no movement in swiss
What you should know is that when news is leaked , the expectation is less because its already happened...so the data is manipulated...as shaff
Quoting Guest
Guys can someone explain why no movement in swiss
market is forward looking, they already priced in for 50bp hike
Quoting kingleeny
as expected and everyone had already factored it in...slow is one to move. I think the carry will be too expensive on the CHF side.
Assuming anchored inflation expectations and confidence in a stable banking system, would a 1-year bond in say UBS be reasonable for carry? just curious
Lol, perfect example of priced-in news
all big boys know upfront, do not get surprised if all is steady, really indeed rigged all the way.
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    Introductory remarks by the Governing Board

    From snb.ch|Mar 23, 2023

    Ladies and gentlemen It is my pleasure to welcome you to the news conference of the Swiss National Bank. After our introductory remarks, we will take questions from journalists as usual. Contribution to financial stability Ensuring price stability is and will remain the core objective of the SNB. Our monetary policy assessment has taken place in an exceptional situation. Last week, there was a loss of confidence in Credit Suisse. In order to avert damage to Switzerland, on Sunday the authorities decided on extensive measures to safeguard financial stability. The SNB contributed to this solution within the framework of its mandate. I would like to describe our contribution in more detail and explain why it was necessary. The global crisis of confidence rapidly intensified last week due to the turmoil in the US banking industry. From Wednesday onwards, this had a direct impact on Credit Suisse’s liquidity situation as a result of strong outflows of customer deposits and cuts in counterparty limits. The SNB then lent Credit Suisse large amounts of liquidity in Swiss francs and foreign currencies. The extensive liquidity assistance provided the time needed to find a solution to safeguard financial stability. This solution had to be worked out under considerable time pressure in order to be ready before the Asian markets opened this week. A Credit Suisse bankruptcy would have had serious consequences for national and international financial stability and for the Swiss economy. Taking this risk would have been irresponsible. On Sunday, the takeover of Credit Suisse by UBS was announced. At that time, we said that the SNB would provide additional substantial liquidity in the form of loans to support the successful implementation of the takeover. The SNB provides such liquidity assistance within the scope of its statutory task to contribute to the stability of tweet at 5:04am: SNB’s Jordan: Our Liquidity Measures Are Not Gifts -Measures Taken By The Federal Government, FINMA And SNB Have Put A Halt To The Crisis

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