SNB continues to remove monetary stimulus

It came as no surprise at all that the Swiss National Bank (SNB) today raised rates by a further 25bps (bringing the mid-point of its target range for the three month Libor to 1.75%). After all, the SNB had signalled a further tightening following its June hike and since then GDP growth has remained very strong, despite easing a little in Q2, and business confidence is still high.

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