Swiss National Bank Policy Meeting (Dec. 2023)

The SNB kept rates on hold at 1.75% at today’s policy meeting, but the monetary policy statement was dovish as policymakers placed less emphasis on selling FX assets and reduced their inflation forecast for 2024. This supports our view that the SNB will cut rates at the next meeting in March, and we have pencilled in a total of 75bp of cuts for 2024.

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