The battle against inflation is not yet over.
We will decide in December whether further tightening is needed or not.
Given comfortable level of swiss inflation, the best solution was to wait and see what happens over next 3 months.
Clear focus is on price stability, uncertainty at the moment relatively high.
We don't have the goal of reducing the balance sheet.
We have had nominal overvaluation of the franc, that has contributed to lower inflation in Switzerland.
We not reacting to the weakning in the economy, but to lower inflation.
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