MNI SNB Review - June 2026: Content With Weaker CHF
Jun-18 15:52By: Moritz Arold
Switzerland
Hidden PDF
Full pdf includes a rough transcript of the post-announcement press conference Q&A as well as 22 analyst views on the decision.
Executive Summary:
- SNB held its policy rate at 0.0%, meeting market and analyst consensus
- Perhaps most notable was that FX communications were kept unchanged: a “higher willingness to intervene”, but with an added “if necessary”
- This may have contributed to CHF weakening through the course of the meeting, as the SNB signals it is quite content with the recently weaker franc
- Elsewhere, forecast revisions were not meaningful, but we do note the upward slope of the SNB’s CPI projections
