December 16, 2022: -On Thursday, the Swiss National Bank surged its benchmark interest prices for the third time, taking it to 1%.
The central bank said it looks to counter “surged inflationary pressure and a more spread of inflation” with the move.
Inflation remains over the Swiss National Bank’s target of 0-2% in the country but is noticeably less than the elevated rates of neighbouring European countries. Switzerland’s inflation rate stayed at 3% in the previous month, decreasing from a three-decade high of 3.5% in August.
The central bank’s 50 basis point hike came after it suddenly raised its policy interest prices in June for the initial time in 15 years, taking it from -0.75% to -0.25%. It then entered the positive territory with a 75 basis point increase on September 22.
And there could be more hikes on the horizon.
“It cannot be ruled out that additional increases in the SNB policy prices will be necessary to make sure price stability more than the medium term,” a press release from the central bank stated.
“To provide appropriate monetary situations, the SNB is willing to be present in the foreign exchange area as necessary,” it added.
In announcing its recent price hike, the Swiss National Bank stated the global decrease in growth and that inflation is “markedly above” central banks’ targets in many countries, and it doesn’t think this will change any time soon.
“The SNB anticipate this challenging area to persist at present. Global economic growth is to be weak in the future quarters, and inflation remaining increased for the time being,” the press release said.
Therefore, the bank expects inflation to settle at more moderate levels in the medium term as the groups continue to tighten monetary policy.
Charlotte de Montpellier, the senior economist at ING, noted that the Swiss National Bank’s total surge of 175 basis points this year compares to an anticipated 250 basis-point growth in the eurozone and a 425 basis-point surge in the U.S.
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