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Quarterly Bulletin - June 2023
On 22 June 2023, the SNB decided to further tighten its monetary policy. It raised the SNB policy rate by 0.25 percentage points to 1.75% to counter the renewed increase in inflationary pressure. The conditional inflation forecast was above that of March over the medium term, and would have been even higher without the rise in the SNB policy rate. • Global growth momentum and the outlook for the coming quarters remain subdued. Inflation has declined somewhat due to lower energy prices, but is still clearly above central banks’ targets in many countries. Accordingly, numerous central banks have further tightened ... (full story)