SNB well on the road to ‘normalisation'

Today’s decision by the Swiss National Bank (SNB) to raise the target mid-point for the 3 month Libor by 25bps to 1.5% came as very little surprise. Like the latest rise in ECB rates, today’s hike followed similar moves in December and March and is another step towards the SNB’s goal of ‘gradual normalisation’ of interest rates. As such, the SNB has raised its target range for 3 month rates to 1.0-2.0% from 0.75%-1.75%.

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