SNB’s Jordan: monetary policy is still expansionary

SNB’s Jordan, who discussed more during the New York session at least recently, is not in the threads saying:

  • monetary policy is still expansionary
  • it is very likely that we will adjust monetary policy again

Yesterday Jordan said:

  • He sees weaker growth in 2023 than this year.
  • The SNB still has the credibility that inflation will moderate
  • Inflation widened
  • Sees limited 2nd round wage effects in Switzerland
  • It is very likely that the SNB will have to tighten its monetary policy further.
  • The nominal appreciation of the franc helps to hedge against inflation
  • The SNB stands ready to BUY OR SELL to maintain the appropriate franc exchange rate to bring inflation back to the target level
  • May increase in December, but decision will depend on data


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