Hold the press! SNB to join the hiking party this year

The fact that we expect the ECB to hike interest rates sooner and faster than we previously anticipated shifts the goalposts for the SNB and, after a prolonged period of policy hibernation, brings rate hikes this year on the table. We now forecast the SNB’s policy rate to reach +1.00% by end-2023, which is approximately 25bps higher than is currently priced in by investors.

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