In today’s remarks at a central bank conference in Zurich, SNB Chairman Thomas Jordan warned that “price stability may not yet be ensured.” He pledged that the central bank “will not hesitate to tighten monetary policy further if necessary.”
This statement comes as inflation have dipped and interest rates have risen compared to last year, presenting a challenging environment for policy to balance the risk of tightening too much and too little.
“Given the high uncertainty regarding the economic outlook, there is no clearly mapped-out path for monetary policy in the near future,” he remarked.
With SNB’s next policy meeting scheduled for December 15, market expectations currently lean towards maintaining policy rate at 1.75%.
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