This morning’s 50bp interest rate hike by the Swiss National Bank (SNB), to 1.50%, was in line with expectations and shows that, like the ECB and Fed, Swiss policymakers have not been distracted from their inflation-fighting task by problems in the banking sector. With underlying price pressures strengthening, and the SNB forecasting that inflation will still be at the top end of its target range in 2025, we expect at least another 25bp rate hike in June, with a strong chance of further rises after that.
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