Several European central banks look set for a pause, but resurgent inflationary pressures and slowing growth may complicate the job ahead.
for the first time since March 2022, saying in a statement that"the significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure."However, SNB Governor Thomas Jordan told CNBC that"the war against inflation is not yet over," adding that the Swiss central bank would continue to monitor inflationary pressures. This could involve further tightening in December, Jordan stressed.
The SNB sees annual Swiss inflation averaging 2.2% in 2023 and 2024, then 1.9% in 2025, assuming its policy rate remains at the current 1.75% level. The ECB expects just 0.7% growth in the euro zone this year and 1% next year, versus almost 2% growth forecast for the U.S. in 2023.
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