Snb Interest Rate Decision: Zero Interest Rates Remain, Negative Interest Rates Are Not Excluded

Neue Zürcher Zeitung

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The inflation has fallen slightly more than expected. Nevertheless, the currency keepers look cautiously optimistic about next year. They continue to support the tightening of the own resources regulations planned by the Federal Council and do not regard them as extreme.

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In our view, the SNB will keep the key interest rate at 0% over a longer period of time. Only if it were to stand with its back to the wall, for example because negative inflation rates are expected to be sustained, would a reduction in the negative range be considered.