In the week when Joel Wicki was crowned “Schwingen King” in the national Swiss wrestling championships, SNB Chairman Thomas Jordan used his speech at Jackson Hole to reiterate his intention to grapple inflation into submission. We forecast the SNB to announce another 50bp rate hike, to +0.25%, at its next scheduled meeting, on 22nd September. But an unscheduled rate rise before then wouldn’t be a huge surprise, not least with the ECB set to lift rates by 75bps next Thursday.
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