SNB to match Fed’s bumper rate cut

We think SNB Chairman Thomas Jordan will probably use his last meeting to once again surprise markets by cutting the policy rate by 50bp to 0.75%. Policymakers will be unhappy with the franc’s recent appreciation, and will use rate cuts to try and stifle its ascent. Further ahead, if the franc continues to appreciate the SNB may revert to using large FX interventions.

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