SNB’s Jordan: Negative interest rates remain central to bank’s monetary policy


Following the Swiss Nation Bank (SNB) monetary policy announcement, Chairman Jordan is out on the wires now, addressing the post-policy press conference.

Key Quotes:

Low interest environment has become more entrenched globally during 2019.

Swiss franc would have been significantly stronger without negative rates.

Negative interest rates remain central to bank’s monetary policy.

Benefits of negative interest rates outweigh costs.

Climate change must be taken into account in forecasting models over time.

Meanwhile, the USD/CHF keeps its range near three-month lows of 0.9809, as the SNB emphasizes the importance of the negative rates.

About the SNB Press Conference

The press conference of Swiss National Bank is held when rates are announced in June and December. It has 2 parts - first the prepared statements are read, then the conference is open to press questions. The questions often lead to unscripted answers that create market volatility.

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