SNB's Jordan: Further interest rate cuts may be necessary in coming quarters

After the Swiss National Bank (SNB) lowered the policy rate by another 25 basis points (bps) in the third consecutive meeting, Chairman Thomas Jordan explained the reason behind the move at the post-policy meeting press conference on Thursday.

Key quotes

Inflationary pressure has decreased significantly in Switzerland.

Strong Franc, lower oil, electricity prices contributed to lower inflation forecasts.

Downside risks to inflation higher than upside risks.

Further interest rate cuts may be necessary in coming quarters.

Swiss economic growth will be 'rather modest' in coming quarters.

Sep 26, 2024

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SNB’s Schlegel: SNB expands provision of liquidity for Swiss banks

Swiss National Bank (SNB) Vice Chairman Martin Schlegel said in prepared remarks for a press conference on Thursday that “the SNB expands provision of liquidity for Swiss banks.” Additional comments Now possible for all banks to obtain liquidity against securities; previously only applied to big banks.