MNI SNB Review - June 2025: Raising the Bar

DOWNLOAD FULL REPORT HERE

Full pdf includes a rough transcript of the post-announcement press conference Q&A.

EXECUTIVE SUMMARY:

• SNB cut its policy rate by 25bp, meeting market and analyst consensus
• The updated conditional inflation forecast, opening remarks and press conference all had a hawkish tilt to them in our view
• Market pricing through the next, September, meeting was initially aggressive but has since then paired back to OIS-implied odds of around 20% for a further cut into negative territory