SNB's Schlegel: With today's cut we are countering lower inflationary pressure

Swiss National Bank (SNB) Chairman Martin Schlegel is addressing the post-meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0%.

Key quotes

With today's cut we are countering lower inflationary pressure.

Inflationary pressure has decreased.

We are now on the verge of negative interest rate territory.

We will continue to monitor situation and adjust policy if necessary.

Without today's interest rate cut, our inflation forecast would have been lower.

Negative rates were important instrument in the past.

Uncertainty about future inflation is still elevated.

We are aware of undesirable effect of negative interest rates.

more to come ...