SNB on hold; next move still likely to be a cut

The Swiss National Bank’s decision to leave its target range for three-month interest rates on hold (at amid-point of 2.75%) was a relief amid concerns that inflation fears might force the Bank to hike rates. Comments accompanying the decision do not sound too hawkish and with economic activity set to slow sharply, we still think that the next move in interest rates is most likely to be a cut.

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