MNI SNB Review: March 2024 - Door Left Open

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Executive Summary:

• SNB cut its policy rate by 25bp, meeting market and analyst consensus
• It added a dovish reference to its policy statement, stressing downside risks to inflation
• Despite the door for further SNB cuts remaining open, markets only price in around 4bp of easing through December – differing views for the road ahead are also apparent among sellside analysts