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Swiss National Bank chairman flags high probability of rate rise

Tuesday, November 15, 2022
Swiss National Bank chairman flags high probability of rate rise © Reuters. FILE PHOTO: The building of the Swiss National Bank (SNB) is pictured in Bern, Switzerland June 16, 2022. REUTERS/Arnd Wiegmann

By Paul Carrel

LAUSANNE, Switzerland (Reuters) -Swiss National Bank Chairman Thomas Jordan issued another rate rise warning on Monday, saying it was likely the central bank will need to act again as inflation is set to remain elevated.

Jordan said that given inflation levels and the fact that Swiss interest rates are still low, "it cannot be excluded that the SNB will raise interest rates in December".

The SNB appears to be preparing for further interest rate hikes after already raising rates twice this year to 0.5%. Although Swiss inflation eased to 3.0% in October, from 3.3% in September, it remains high by Swiss standards.

"There is a high probability that the SNB will have to tighten its monetary policy further," Jordan told business leaders in Lausanne, before reiterating his point for emphasis.

"The next meeting will be in December and there is a high probability that it will be necessary to tighten monetary policy again to make sure that inflation can be fought sufficiently."

Jordan also said nominal appreciation of the Swiss franc is helping guard against inflationary pressure, reiterating that the SNB was prepared to buy or sell francs to keep the safe-haven currency at an appropriate level to address inflation.

Jordan had said last week the SNB was prepared to take "all measures necessary" to bring inflation back down to its 0-2% target range and that current monetary policy was not restrictive enough to do the job.

Jordan said the SNB saw limited second-round wage effects in Switzerland and that the central bank still had credibility in the eyes of the business community that inflation will moderate.

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28-11-2022 12:11:41 (UTC+7)

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 EUR/USD1.0359Neutral
 GBP/USD1.2056↑ Buy
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 AUD/USD0.6690Sell
 USD/CAD1.3446Neutral
 EUR/JPY143.45↑ Sell
 EUR/CHF0.9805↑ Sell
 Gold1,751.55↑ Buy
 Silver21.277↑ Buy
 Copper3.5678Sell
 Crude Oil WTI74.03↑ Sell
 Brent Oil81.28↑ Sell
 Natural Gas7.290↑ Buy
 US Coffee C164.40↑ Sell
 Euro Stoxx 503,962.41↑ Buy
 S&P 5004,026.12Neutral
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 FTSE 1007,486.67↑ Buy
 Hang Seng17,221.00↑ Sell
 Small Cap 20001,869.19↑ Buy
 IBEX 358,416.60Sell
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 Bayer55.45Sell
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 Adidas123.98Neutral
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 Siemens AG132.06↑ Buy
 Deutsche Bank AG10.390↑ Buy
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