No change in peg then, shock horror!!

EUR/CHF slips below 1.2100, presently at 1.2090.

  • Prepared to buy fx in unlimited quantities

SNB 3-month libor band 0.0%-0.25%, unchanged and as expected

  • Will keep money market liquidity extraordinarily high
  • No risk of inflation in Switzerland
  • SNB does not see inflation approaching 2% price stability threshold for entire forecast horizon
  • Ready to take further measures at any time if the economic outlook, risk of deflation so require