SNB steals a march on the ECB

After the excitement of yesterday’s ECB emergency meeting and 75bp hike by the US Fed, the SNB kept its end up by unexpectedly raising its policy rate by 50bps this morning – its first rate rise since 2007. Given its history of unscheduled announcements, we think it more likely than not that the Bank will raise rates again, to zero or even into positive territory, before the next scheduled meeting, in September.