These are the main conclusions from the June policy meeting minutes of the Swiss National Bank (SNB).
The financial situation is suitable.
Pressures from inflation are essentially unchanged.
greater readiness to step in when necessary.
In the second quarter, businesses saw a strong increase in turnover.
Companies maintain their confidence despite the significant level of uncertainty they perceive.
Nothing needs to be done right now.
Prices have been significantly impacted by the Middle East conflict.
Companies' short-term inflation expectations have increased.
For the medium run, inflation expectations are only somewhat higher.
greatly increased uncertainty on the war in Iran.
AI's effects are more apparent in some sectors, such software development and consultancy, and they are already having an impact on current business models.
There is still a chance that the Swiss franc will appreciate significantly.
The labor market's signals are currently muted.
The division of economic affairs anticipates that unemployment will decrease in 2027 and stabilize throughout the year.
Reaction of the market
After the SNB meeting minutes were released, the Swiss Franc (CHF) seems to be staying subdued. Due to modest increases in the US dollar (USD), the USD/CHF exchange rate in Europe rises to over 0.8066.
The financial situation is suitable.
Pressures from inflation are essentially unchanged.
greater readiness to step in when necessary.
In the second quarter, businesses saw a strong increase in turnover.
Companies maintain their confidence despite the significant level of uncertainty they perceive.
Nothing needs to be done right now.
Prices have been significantly impacted by the Middle East conflict.
Companies' short-term inflation expectations have increased.
For the medium run, inflation expectations are only somewhat higher.
greatly increased uncertainty on the war in Iran.
AI's effects are more apparent in some sectors, such software development and consultancy, and they are already having an impact on current business models.
There is still a chance that the Swiss franc will appreciate significantly.
The labor market's signals are currently muted.
The division of economic affairs anticipates that unemployment will decrease in 2027 and stabilize throughout the year.
Reaction of the market
After the SNB meeting minutes were released, the Swiss Franc (CHF) seems to be staying subdued. Due to modest increases in the US dollar (USD), the USD/CHF exchange rate in Europe rises to over 0.8066.
