Swiss National Bank Stimulus Missing

Andamento del mercato - 15/09/2016

The Swiss National Bank kept interest rates at sub-zero levels after it slashed them to record lows in January of 2015. Twenty months later board members of the SNB opted to leave rates at -0.75%, meaning charging banks for excess deposits, while citing once more the overvalued Swiss Franc and that the bank is willing to intervene in the currency markets. Central Bank President Thomas Jordan reiterated on previous statements of the risks continuing to float over the global economy and that policymakers are well prepared to encounter further headwinds that may still arise from the Brexit vote.


Global growth is moving at a moderate pace that is sustaining Switzerland’s growth, which is expected to expand at 1.50%, but the UK referendum clouds could easily offset the growth rate and cause further turbulence in financial markets. After the Swiss central bank raised inflation rates in its June meeting, the September meeting saw forecasts for a 2017 cut fall from 0.30% down to 0.20% and for 2018 from 0.90% to 0.60% while keeping 2016 unchanged. The failure to launch any more stimulus points out that the SNB may be running out of back-up plans while also indicating that it has reached its limits on aggressive monetary policy. The Euro traded at 1.0962 against the Franc and showed no major movements upon the release of the SNB’s announcement.


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