Schlegel Reaffirms Increased SNB Willingness to Intervene on FX

(Bloomberg) — Swiss National Bank President Martin Schlegel reiterated policymakers’ stance on the franc, with the outlook for consumer prices unmoved since June’s interest-rate meeting.

“Medium-term inflationary pressure virtually unchanged,” Schlegel said Wednesday in a presentation in Zurich. The SNB “has increased willingness to intervene in the foreign exchange market if necessary.”

The remarks reaffirm the message from SNB officials as they held borrowing costs steady at 0% last month. That gathering saw them tweak previous language on the franc to say they’d act if required, possibly signaling a slightly more relaxed approach to the currency, which is weaker now than before the Iran war began.

Inflation has also dipped, suggesting the impact of lower oil costs are feeding through to the domestic economy. Consumer prices rose 0.5% from a year earlier in June, down from 0.6% in May. That was the first slowdown in eight months.

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