Perma-doves at the SNB, Norges Bank to hike again

The Swiss National Bank’s decision to leave its monetary policy settings unchanged on Thursday was something of a formality. But whereas some commentators have suggested that the Bank is out of ammunition, we think it is on course to cut interest rates even further into negative territory, probably to -1.00%, possibly as soon as early 2020. In contrast, we expect policymakers at the Norges Bank to raise interest rates again next week.