© Reuters. FILE PHOTO: Swiss National Bank Chairman Thomas Jordan attends the shareholders assembly of SNB in Bern, Switzerland, April 28, 2023. REUTERS/Denis Balibouse/File Photo
ZURICH (Reuters) – The Swiss National Bank will monitor the event of inflation intently within the coming weeks forward of its subsequent assembly in December, Chairman Thomas Jordan mentioned on Tuesday.
“We emphasised that price stability may not yet be ensured. Thus, we will not hesitate to tighten monetary policy further if necessary,” Jordan mentioned at a central financial institution convention in Zurich.
With inflation charges decrease and rates of interest larger than they have been a yr in the past, Jordan mentioned it has grow to be significantly tougher to stability the danger of tightening financial coverage an excessive amount of towards the danger of tightening it too little.
“Given the high uncertainty regarding the economic outlook, there is no clearly mapped-out path for monetary policy in the near future,” Jordan mentioned.
In September the SNB held its coverage rate of interest unchanged at 1.75%, noting that inflation has ebbed decrease in Switzerland, however mentioned an extra tightening can’t be dominated out.
Swiss inflation was regular at 1.7% in October, marking the firth month in a row when it has stayed inside the central financial institution’s goal vary of 0% to 2%, cementing expectations that SNB will preserve its charges unchanged when it opinions coverage on Dec. 14.