SNB strategy from Credit Agricole
Last week’s disappointment by the ECB should have decreased pressure on the
SNB to turn more aggressive on monetary policy. It must be remembered too that
SNB Vice Chairman Zurbruegg just recently stressed that interest rates around
the current levels are appropriate. Even if the still overvalued franc keeps
monetary conditions tight to the detriment of price developments a large part of
weak inflation should be due to external factors such as weak commodity price
developments.
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