SNB not in any hurry to cut (although they don’t like their currency getting hurt)
SNBs Maechler is on the wires saying:
- SNB is never under pressure, plans to discuss potentially revised current prognosis for moderate global economic growth in 2 weeks
- SNB policy rests on negative interest rates, readiness to intervene
- The world is flooded with significant savings, but little readiness to invest those savings
- Intervention in forex markets helps keep the lid on the Swiss franc
- In talks with US officials over SNB policy of negative interest, readiness to intervene
Recall that the US put the Switzerland on watch as being a currency manipulator a month or so ago.