Chairman Thomas Jordan pointed to rising inflationary pressures and the danger of price increases becoming entrenched as the SNB hiked Swiss rates for the fifth time in succession.
"The marked decline in recent months is very welcome," Jordan said. "Nevertheless the underlying inflationary pressure has risen further. While inflation globally has been coming down from its multi-decade peaks, central banks around the world are not quite done yet with their monetary tightening campaigns to bring price rises under control.
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