Switzerland supported the global trend

Switzerland supported the global trend The SNB is raising the rate again by 25bps and says it is ready for further tightening. The regulator continues its campaign to contain sustained inflation and keeps the rate at its highest level since April 2002.Alas, the historical centre of banking stability suffers from the same problems as the whole of Europe.The SNB forecast average annual inflation of 2.6% in 2023 and 2% next year, although consumer prices were previously expected to rise 2.4% and 1.8% respectively. While inflation has eased from the previous year, SNB chief Thomas Jordan pointed to rising inflationary pressures and the danger of price increases taking hold. Jordan acknowledged that higher interest rates lead to higher rents, which leads to higher inflation, but the country cannot yet get out of this vicious circle. According to the new forecast, inflation in Switzerland will remain above the target level of 0-2%, at least until 2026.The SNB said it also remained prepared to intervene in foreign exchange markets and undertake interventions as needed. In recent months, the SNB has been selling foreign currency to raise the value of the Swiss franc, the strengthening of which has reduced the effect of higher import prices.Over the past 12 months, the SNB has shifted its focus from fighting the high value of the Swiss franc to fighting the price hike, which it says risks gaining a foothold and will be harder to change.The Swiss franc fell 0.2% against the dollar, disappointing some market players. We will recover next week.Profits to yall!#ForexChief #snb #forexnews #StopLoss #stocks #market #profit #Traders #ThomasJordan