SNB’s Schlegel: Can’t rule out negative rates, nothing is off the table

Newly-minted Chairman of the Swiss National Bank (SNB) Martin Schlegel struck newswires on Tuesday, warning that more rate cuts have not been eliminated. The inbound Chairman of the SNB formally took the reins of Switzerland’s reserve bank on early Tuesday, and has actually acquired a reserve bank still captured in the wake of in 2015’s uneven management of the merger in between 167-year-old Credit Suisse and UBS.

Secret highlights

The services sector is strong and the commercial sector suppressed.

I anticipate Swiss development to be suppressed in coming quarters.

The most significant danger for Swiss economy is advancements abroad.

Recently we did not eliminate more rates of interest cuts.

We can not eliminate unfavorable rates at the minute, we rule absolutely nothing out.

Factor for recently’s rate cut was decreased inflationary pressure.

Without rates of interest cut, inflation projections would have been slower.

Main issue for Swiss exporters is lower need abroad.