In an environment of global uncertainty, the Swiss National Bank will be wary of exacerbating any upward pressure on the safe haven franc when it meets on 15th March. Admittedly, its forecast for inflation to surpass 2% by 2020 suggests that it may soon contemplate policy normalisation. But we think that it is overestimating inflation prospects. In all, we expect it to stick to a very dovish tone next week and think that rate hikes will come around a year later than investors currently envisage.
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