Speculation is rife that policy tightening is in play this year for major central banks, including Switzerland, after overnight moves by the U.S. and China. UBS predicts the SNB will raise rates by 25bps in 4Q 2018, while fellow Swiss lenders Credit Suisse see a move in 1Q 2019.
This is probably a little too soon, given persistent franc strength versus the euro. Swiss policymakers will probably want to see EUR/CHF climb (and stay) above 1.20 before contemplating tightening. Even then, they're unlikely to go before the ECB.
Source: Bloomberg Pro Terminal
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