SNB’s Jordan: Further tightening of monetary policy cannot be ruled out

Swiss National Bank (SNB) Chairman Thomas Jordan is speaking at the post-policy meeting press conference on Thursday. The central bank held key rates at 1.75% in the September quarter.

Key takeaways

Significant tightening of monetary policy recently is countering inflationary pressure.

Swiss inflation has returned to range of price stability.

Further tightening of monetary policy cannot be ruled out.

There is some uncertainty about impact of monetary tightening already carried out.

Although inflation is likely to increase again, underlying pressure has decreased slightly.

Focus remains on maintaining price stability.

Situation allows us to wait for now and review later.

Will not hesitate to tighten policy again to keep inflation below 2%.

Market reaction

USD/CHF is off the multi-month highs of 0.9070, gaining 0.70% on the day to trade at 0.9050, as of writing.