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given this weakening, appreciable underutilisation of production capacity may be expected in the short term
dovish
forward looking
uncertain
2,015
157
the economic recovery is therefore likely to regain momentum from the second quarter
hawkish
forward looking
certain
2,021
269
this small increase must also be seen in the context of high growth in the second quarter
neutral
not forward looking
certain
2,016
336
nonetheless, on the whole, capacity utilisation remains unsatisfactory
dovish
not forward looking
certain
2,016
586
moreover, the outlook for the emerging economies has deteriorated, and events in the middle east could push up the oil price
dovish
forward looking
uncertain
2,013
908
growth dynamism continued to wane
dovish
not forward looking
certain
2,001
14
the new forecast puts average annual inflation at 2.6 for 2023, and 2.0 for 2024 and 2025 cf
hawkish
forward looking
uncertain
2,023
582
while gdp declined strongly in the second quarter, mortgage lending and residential property prices continued to rise
dovish
not forward looking
certain
2,020
293
interest on sight deposits held by banks at the snb currently corresponds to the snb policy rate and remains at 0.75
neutral
not forward looking
certain
2,019
34
notwithstanding positive signals emanating from the us, global economic development is still subject to risks
dovish
forward looking
uncertain
2,003
706
in the short term, this is due to the recent lower-than-expected inflation
dovish
not forward looking
certain
2,023
326
however, the snb anticipates that, as abroad, there will be only a partial recovery for the time being, and gdp will not return quickly to its pre-crisis level
dovish
forward looking
uncertain
2,020
886
despite a difficult climate worldwide, economic activity in switzerland stabilised somewhat during the second half of 2002
neutral
not forward looking
certain
2,003
682
up to the first quarter of 2017, the path of inflation remains almost the same
neutral
not forward looking
certain
2,016
931
on the other hand, given the high level of capacity utilisation and movements in the exchange rate, there is a danger that higher production costs will increasingly be passed on to prices
hawkish
forward looking
certain
2,007
181
the temporary narrowing of the target band from 100 to 75 basis points was prompted by technical factors
neutral
not forward looking
certain
2,003
80
over the entire forecast horizon, the inflation forecast is within the range of price stability cf
neutral
forward looking
certain
2,023
497
in many advanced economies, inflation moved into negative territory at the beginning of 2015
dovish
not forward looking
certain
2,015
63
in addition to the expected progress with vaccination programmes, the monetary and fiscal policy measures introduced worldwide are an important source of support
neutral
not forward looking
certain
2,021
79
this is prompting the snb to purchase swiss franc bonds issued by private sector borrowers in order to bring about a relaxation of conditions on the capital markets
dovish
forward looking
certain
2,009
406
for this reason, the snb has decided to maintain the monetary policy adopted in march
neutral
not forward looking
certain
2,009
786
in particular, the high inflation in some countries could be more persistent than expected, necessitating a further tightening of monetary policy there
hawkish
forward looking
uncertain
2,023
311
it will continue to provide the swiss franc money market with a generous and flexible supply of liquidity
dovish
forward looking
certain
2,008
986
it will therefore remain active in the foreign exchange market, as necessary, in order to influence monetary conditions
neutral
forward looking
certain
2,015
821
the healthy economy in the neighbouring countries and exchange rate developments have been contributing factors
hawkish
not forward looking
certain
2,007
33
stronger second-round effects and the fact that inflationary pressure from abroad has increased again mean that, despite the raising of the snb policy rate, the new forecast is higher through to mid-2025 than in december
hawkish
forward looking
certain
2,023
296
this is because the utilisation of resources is somewhat higher
irrelevant
not forward looking
certain
2,006
62
however, the inflation forecast shows that the expansionary monetary policy cannot be maintained indefinitely without compromising medium and long-term price stability
neutral
forward looking
certain
2,009
211
nevertheless, gdp remained significantly below pre-crisis levels in most countries
dovish
not forward looking
certain
2,020
339
the negative interest rate and the snbs willingness to intervene in the foreign exchange market are intended to make swiss franc investments less attractive, thereby easing pressure on the currency
dovish
forward looking
uncertain
2,017
542
the temporary narrowing of the libor target range, which now stands at 75 basis points compared with the usual 100 basis points, is due to the fact that a negative libor is not technically possible
neutral
not forward looking
certain
2,009
56
the snbs monetary policy thus remains as expansionary as before
dovish
forward looking
certain
2,019
396
owing to data adjustments, the new forecast is slightly lower overall than the december projection
dovish
forward looking
certain
2,005
768
unless otherwise specified, a change in the negative interest rate will apply with immediate effect, and the affected sight deposit account balances will be subject to the new interest rate on the day of the announcement
hawkish
forward looking
certain
2,019
628
moreover, although the financial industry is well into the process of recovery, another deterioration cannot be entirely ruled out
neutral
forward looking
uncertain
2,009
764
despite restrained momentum in recent quarters, imbalances on the mortgage and real estate market increased slightly due to comparatively weak growth in fundamentals
dovish
not forward looking
certain
2,016
545
on the other, the decline in inflation in the euro area and the slight fall in the oil price are also helping to dampen the inflation outlook
dovish
forward looking
certain
2,013
340
the swiss national bank leaves the target range for the three-month libor rate unchanged at 0.251.25
neutral
not forward looking
certain
2,005
742
in switzerland, the economy continued to develop favourably in the third quarter
hawkish
not forward looking
certain
2,013
30
the positive baseline scenario for the global economy continues to be subject to risks
dovish
forward looking
certain
2,017
657
for 2018, the snb anticipates inflation of 0.4, compared to 0.5 in the previous quarter
dovish
forward looking
certain
2,017
241
unemployment is likely to rise again, and production factors will remain underutilised for some time yet
dovish
forward looking
certain
2,020
324
against this backdrop, unemployment has increased slightly on a seasonally adjusted basis
neutral
not forward looking
certain
2,015
725
the actual inflationary pressure is currently underestimated somewhat by the cpi
hawkish
not forward looking
certain
2,002
449
the second interest rate rise by 25 basis points now announced will reverse the interest rate cut of march 2003, which was made under extraordinary circumstances
hawkish
forward looking
certain
2,004
407
the current solid growth momentum is thus expected to continue in the coming quarters
hawkish
forward looking
certain
2,021
53
the conditional inflation forecast shows that there is no threat to price stability in the short term
neutral
forward looking
certain
2,010
200
while the statistics confirm lower growth in overall lending, they do not show an actual decline
neutral
not forward looking
certain
2,009
97
the snb expects a rise of around 1.5 in gdp for the coming year
hawkish
forward looking
certain
2,018
150
in the short term, inflation will dip into negative territory sooner, owing to the effects of the earlier currency appreciation, which have been stronger than expected
dovish
forward looking
certain
2,011
194
the national bank last adjusted its monetary policy on 26 july 2002, when it lowered the target range by 50 basis points
dovish
not forward looking
certain
2,002
747
despite a considerable easing of tensions on the international financial markets, global economic growth was rather weak in the fourth quarter
dovish
not forward looking
certain
2,013
310
at the same time, the inflation potential is modest within the short term
neutral
forward looking
certain
2,004
7
for sight deposit account holders subject to minimum reserve requirements domestic_ _banks2 the exemption threshold is calculated as a basis component minus a cash holdings_ component
irrelevant
not forward looking
certain
2,019
805
in the emerging economies, too, economic activity was positive overall
hawkish
not forward looking
certain
2,017
390
inflation has declined further since the beginning of the year, and stood at 1.2 in february
dovish
not forward looking
certain
2,024
245
the pace of economic growth could slow further in the third and fourth quarters in the wake of stagnating exports
dovish
forward looking
uncertain
2,001
18
the situation on the labour market is not likely to undergo any sustained changes, and the unemployment rate should rise only slightly
neutral
forward looking
certain
2,001
341
in the area of domestic demand, the combined softness in both private consumption and investment should result in a sluggish gdp
dovish
forward looking
certain
2,009
286
overall production capacity has been well utilised
neutral
not forward looking
certain
2,022
461
the broad-based, healthy economic situation had a positive impact on the labour market
neutral
not forward looking
certain
2,007
656
it has reacted rapidly and unequivocally to the deterioration in the economic situation and the upward pressure on the swiss franc
dovish
not forward looking
certain
2,004
363
overall, the revised quarterly estimates for gdp suggest a somewhat stronger recovery of the swiss economy since the middle of last year
hawkish
not forward looking
uncertain
2,016
940
inflationary pressure is likely to remain moderate
neutral
forward looking
uncertain
2,019
649
the conditional forecast assumes that the three-month libor remains at 0.75 over the entire forecast horizon, and that the swiss franc weakens
hawkish
forward looking
uncertain
2,015
15
global economic growth was weaker than expected in the first quarter of 2015, and this development had a detrimental impact on world trade
dovish
not forward looking
certain
2,015
342
this decline, however, is partly due to special factors, notably the strong influence of clearance sales prices for clothing
neutral
not forward looking
certain
2,001
798
the higher commodity prices will lift inflation further in the short term
hawkish
forward looking
certain
2,022
873
these forecasts assume that the three-month libor will remain at zero over the entire forecast horizon, and that the swiss franc will weaken
hawkish
forward looking
certain
2,014
123
the situation on the foreign exchange market continues to be fragile
neutral
not forward looking
certain
2,019
906
at the same time, a worsening in the tight supply of raw materials could lead to a further rise in inflation globally
hawkish
forward looking
uncertain
2,022
722
this is mainly due to the fact that developments in both the swiss and the global economies are less negative than had been expected
neutral
forward looking
certain
2,009
110
the snb is assuming that global economic growth will gradually firm over the course of next year
neutral
forward looking
certain
2,014
31
the swiss franc has strengthened since the beginning of the year
dovish
not forward looking
certain
2,008
664
in addition, the snb is leaving the target range for the three-month libor at 0.00.25
neutral
forward looking
certain
2,012
720
consequently, the snb welcomes the federal council decision to make available a countercyclical capital buffer which can counter adverse developments on the domestic credit market
dovish
forward looking
certain
2,012
521
global economic growth was moderate in the second quarter of this year
neutral
not forward looking
certain
2,023
175
various signals indicate that economic activity has picked up again somewhat since may with the loosening of containment measures
neutral
not forward looking
certain
2,020
392
as a result, inflation will be higher in 2011 and, particularly, in 2012, if the current expansionary monetary policy is maintained indefinitely
hawkish
forward looking
certain
2,009
817
the situation on the mortgage and real estate markets still requires the full attention of the snb
neutral
not forward looking
uncertain
2,011
953
the snbs baseline scenario anticipates that the containment measures in switzerland will be eased further in the coming months, and that there will be no renewed worsening of the pandemic situation and tightening of the measures thereafter
hawkish
forward looking
certain
2,021
328
taking into account the inflation differential between switzerland and its trading partners, the real effective exchange rate of the swiss franc has returned to the level of 2006
neutral
forward looking
certain
2,008
126
it is projecting an inflation rate of 0.8 for 2016, compared with 0.5 in the december forecast
hawkish
forward looking
certain
2,016
4
in switzerland, as expected, the fourth quarter of 2013 saw a weakening of growth momentum, largely as a result of a decline in exports, which led to a corresponding decrease in value added in the manufacturing industry
dovish
not forward looking
certain
2,014
889
for the second half of the year, and in particular for 2011, however, the snb now expects a marked slowdown in growth
dovish
forward looking
uncertain
2,010
989
in switzerland, a perceptible economic upswing is only to be expected in the course of 2004
dovish
forward looking
uncertain
2,003
726
unemployment will rise further this year
dovish
forward looking
certain
2,002
414
profit margins are still under pressure at many companies, and the willingness to invest and the demand for labour remain commensurately subdued
dovish
not forward looking
certain
2,016
965
the forecast now stands at 0.2 for 2021, 0.4 for 2022 and 0.5 for 2023
neutral
forward looking
certain
2,021
661
the snb is anticipating a continuation of the recovery
neutral
forward looking
certain
2,016
9
exemption threshold furthermore, under method 1, the threshold shall not be less than the basic minimum reserve requirement of the last rp
neutral
forward looking
certain
2,019
197
this phenomenon is likely to reverse in the first quarter of this year
neutral
forward looking
certain
2,009
435
the price of oil has risen again
hawkish
not forward looking
certain
2,005
553
this positive development is likely to continue in the coming months
neutral
forward looking
uncertain
2,020
887
economic growth in the us is unlikely to pick up speed before the spring of 2003; after that it should gradually regain its potential
dovish
forward looking
certain
2,002
160
15 march 2007 4 with todays decision to increase the three-month libor by 25 basis points, the snb has maintained its monetary policy course of gradual normalisation
hawkish
not forward looking
certain
2,007
637
developments on the labour market also remained positive
neutral
not forward looking
certain
2,019
950
however, it has increased its inflation forecast and is now expecting an average rate of 2.7 in 2008
hawkish
forward looking
uncertain
2,008
799
the swiss national bank snb is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity
dovish
forward looking
certain
2,017
88
any tightening of monetary conditions is inappropriate in this depressed environment
dovish
forward looking
certain
2,009
487