Thanks, Stefan, for the very clear and well-structured summary of the current policy debate. It would be interesting to see the conditional inflation path assuming a likely 25bps cut, and to understand how much tolerance the SNB has for a few negative CPI inflation prints. Looking ahead, global risks could put further upward pressure on the Swiss franc, while additional disinflation may come from the rental component of the CPI basket.
Thanks, Stefan, for the very clear and well-structured summary of the current policy debate. It would be interesting to see the conditional inflation path assuming a likely 25bps cut, and to understand how much tolerance the SNB has for a few negative CPI inflation prints. Looking ahead, global risks could put further upward pressure on the Swiss franc, while additional disinflation may come from the rental component of the CPI basket.