SNB Vice President Fritz Zurbruegg said in a Sonntagszeitung interview over the weekend, “at the moment we need the negative interest rates due to the situation globally.” He warned, “if we were to hike interest rates now, the franc would appreciation markedly, economic growth would slow and joblessness would increase.” He also noted that the pickup in inflation in Switzerland is “temporary”. In the medium term, “we expect it to stay low,” he said.
President Thomas Jordan remains on leave on medical grounds and there is no return date yet. Zurbregg said finding a successor for Jordan “isn’t a topic”. “Thomas Jordan will take up his post again.”
