Swiss National Bank Sees Likely Need to Tighten Policy Again to Fight Inflation

Ongoing inflationary pressure means further monetary policy tightening will likely be needed, Swiss National Bank Chairman Thomas Jordan said on Wednesday, after the central bank last week raised its interest rate for the first time in 15 years, Reuters reported. "We published a new inflation forecast. If you interpret it correctly, you see that there's a certain need probably to tighten further," Jordan told a conference in Zurich. "We don't exactly know when and how much, but this inflationary pressure is not yet combated completely," Jordan added. In a surprise move, the SNB last Thursday raised its policy interest rate to -0.25% from the -0.75% level it has deployed since 2015 and said it was ready to hike further, joining other central banks in tightening monetary policy to fight resurgent inflation. Read more.