SNB’s Jordan, who has been chatting more in the NY session at least of late, is no the wires saying:
monetary policy is a still expansionary
we have most likely to adjust monetary policy again
inflation is very thorny and there is still a risk that inflation will rise further
inflation rate is above our target now.
Expect it to be above our target if we don’t take that into account
central banks around the world are now in a tightening cycle
Yesterday Jordan said:
He sees weaker growth in 2023 than this year.
SNB still has credibility that inflation will moderate
Inflation has broadened
Sees limited 2nd round wage effects in Switzerland
There is a great probablility that SNB will need to further tighten monetary policy.
Nominal appreciation of the franc helps