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SNB’s Jordan: We must ensure price stability over medium-term

Summary:
SNB’s Jordan is on the wires after the ECB hike rates by 75 basis points today: ECB 75 basis point rate hike not fully surprising We must ensure price stability over medium-term Gas or power stoppages would have devastating impact on economy’s Exchange rates play a role in inflation , when big central banks act this helps us You should not be surprised that SNB acts independently It is positive for SNB of major central banks normalize It would not create difficulty if the ECB takes 100 basis point hikes S&P decides monetary policy and regular meetings unless under severe time pressure no decision yet on what to decide at September 22 policy meeting next step depends on analysis underway, need to gauge inflationary pressure, exchange rate uncertainty about

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SNB’s Jordan is on the wires after the ECB hike rates by 75 basis points today:

  • ECB 75 basis point rate hike not fully surprising
  • We must ensure price stability over medium-term
  • Gas or power stoppages would have devastating impact on economy’s
  • Exchange rates play a role in inflation , when big central banks act this helps us
  • You should not be surprised that SNB acts independently
  • It is positive for SNB of major central banks normalize
  • It would not create difficulty if the ECB takes 100 basis point hikes
  • S&P decides monetary policy and regular meetings unless under severe time pressure
  • no decision yet on what to decide at September 22 policy meeting
  • next step depends on analysis underway, need to gauge inflationary pressure, exchange rate
  • uncertainty about inflation much higher than usual, can’t say have reached a peak
  • price stability is our mandate of course need to keep impact of policy on economy in mind as well
  • Swiss franc rise tends to help rather than hurt
  • real effective exchange rate of franc has been astoundingly stable

The EURCHF has taken a move to the downside today and in the process has move back below the 2015 low near 0.97065. It would take a move back above that level to give the buyers a punchers chance.

SNB’s Jordan: We must ensure price stability over medium-term

EURCHF moves below the 2015 low at 0.97065


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