Swiss National Bank hints at further rate cuts after latest reduction
SNB cuts rates by 25 basis points for third time this year
Chairman Jordan says more cuts may be necessary
SNB slashes inflation forecasts
Swiss franc rises after decision
Strong franc has caused problems for Swiss exporters
Adds comments from incoming chairman in paragraphs 7-11
By John Revill
ZURICH, Sept 26 (Reuters) -The Swiss National Bank reduced interest rates by 25 basis points on Thursday, echoing steps to lower borrowing costs by the European Central Bank and U.S. Federal Reserve, and left the door wide open for more rate cuts as inflation cools sharply.
The SNB cut its policy rate to 1.00%, the lowest level since early 2023, as expected by analysts in a Reuters poll.
The cut was its third such reduction this year as the central bank dialled back measures designed to combat inflation.
The decision, the last in the 12-year tenure of SNB Chairman Thomas Jordan, was enabled by the taming of price rises in Switzerland - which slowed to 1.1% in August and has been within the central bank's 0-2% target range for the last 15 months.
The SNB is ready to cut interest rates again, Jordan said after the decision, noting that inflationary pressure in Switzerland had decreased significantly.
"Further cuts in the SNB policy rate may become necessary in the coming quarters to ensure price stability over the medium term," he told a press conference after his 42nd and last monetary policy meeting.
His successor Martin Schlegel said the SNB's view that inflation was likely to fall further meant further cuts were likely, although he did not give any guarantees.
"It's important to know that we don't give forward guidance and we never pre commit, but if you look at monetary conditions, the situation now, it's not unlikely that we also cut in December," Schlegel told Reuters in an interview.
The current SNB Vice Chairman, who takes charge of the central bank on Tuesday, did not give guidance on possible moves in the more distant future.
The SNB's successin fighting inflation has enabled it to become the frontrunner among central banks in lowering borrowing costs, cutting rates in both March and June.
Schlegel said decision to cut rates again was helped by weaker inflationary pressure in Switzerland, with the SNB slashing itsinflation forecasts for 2025 and 2026 and predicting consumerprice growth of 0.6% in the second quarter of 2027.
He also highlighted the rise in the value of the Swiss franc as a contributor to low inflation and acknowledged the difficulties the safe haven currency caused for Swiss exporters already facing weak demand from abroad
The franc has appreciated in recent weeks, hitting its highest level in nine years against the euro in early August.
It strengthened after the 25-basis-point cut, which followedsimilar monetary policy easing by the ECB and the Fed earlier this month, was announced.
Charlotte de Montpellier, senior economist at ING, said the SNB's 25 point reductionwas "the most dovish you could ask for."
"Not only is the SNB making it very clear that further rate cuts may be necessary, but it has also revised its inflation forecasts very sharply downwards, and much more sharply than expected," she said.
CUTS ON THE WAY
Karsten Junius, chief economist at J Safra Sarasin, saw the bank's outlook as more dovish than markets expected.
"This is the strongest hint towards future policy decisions that the SNB has given in the past years and a break from previous communication patterns," he said.
The SNB trimmed its 2024 inflation forecast to 1.2% from its 1.3% prediction in June. It also cut its forecasts for 2025 to 0.6% from 1.1% previously and for 2026 to 0.7% from 1.0%.
"With inflation now expected to average 0.6% in 2025 and 0.7% in 2027, the SNB seems to want to send a very clear signal to the markets that further rate cuts are on the way, in order to weaken the Swiss franc," said de Montpellier at ING.
Reporting by John Revill; Editing by Dave Graham and Toby Chopra
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
