Swiss National Bank Confident in Inflation Control

Swiss National Bank Confident in Inflation Control

July 08, 2024

Positive Inflation Forecasts

Jordan emphasized that the SNB's models predict inflation stabilizing around 1% in the medium term, assuming constant exchange rates. “We’re seeing fewer so-called second-round effects, which leads us to believe that we’re heading that way. The strength of the franc also reduces the risk of inflation. It’s important to continue monitoring the situation, but for the moment it’s relatively comfortable,” he stated.

Leadership Transition at SNB

Thomas Jordan, who will be succeeded by Vice President Martin Schlegel in October, spoke just weeks after the SNB delivered a second consecutive interest rate cut. His comments come days before a runoff in French elections, an event that previously led to a stronger franc amid safe-haven flows.

Currency and Monetary Conditions

When asked about the potential for another surge in the currency, Jordan acknowledged the exchange rate’s influence on monetary conditions in Switzerland. “Political uncertainty, in Europe and elsewhere, can have an impact on the Swiss franc, which is a safe-haven asset,” he noted. “This is something we need to take into consideration.”

Jordan reaffirmed the SNB's readiness to intervene in the foreign exchange market if necessary, ensuring that the monetary conditions remain stable and supportive of Switzerland’s economic health.


Thomas Jordan's remarks reflect a confident outlook for Switzerland’s inflation trajectory, bolstered by the strong franc and proactive monetary policies. As Martin Schlegel prepares to take over, the SNB’s commitment to monitoring and managing inflation remains steadfast.

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