SNB's Schlegel speaks from Bellinzona, noting that Swiss inflation is only driven by services prices, and that the strong CHF has historically protected the Swiss economy from imported inflation. 

• Schlegel's comments very much inline with the prevailing view from last week's SNB decision (the final under Jordan. Today marks the first official day of Schlegel as SNB President). See our review of last week's decision and summary of sell-side views here: https://emedia.marketnews.com/marketnewsintl/SNBReview-2024-09.pdf