Swiss National Bank Governor Urges Rate Hike to Tame Inflation, says Jordan

The governor of the Swiss National Bank, Jordan, said inflation was still high in the country and that interest rates needed to be raised to contain it.

“Inflation is above what we consider to be price stability,” he said in Interlaken, Switzerland, on Wednesday. “Inflation is more persistent than we initially thought because of the secondary and tertiary effects,” he said. Jordan’s governor was in Interlaken today for a meeting with policymakers from Switzerland and abroad.

The governor also said the current policy rate level of 1.5% is “relatively low. It’s not a good idea to wait and see and push up inflation later.”

The Swiss National Bank will decide on monetary policy on the 22nd. Economists are expected to move to another 0.25 percentage point rate hike.

news-rsf-original-reference paywall">Original title:SNB’s Jordan Says Rate Hikes Still Needed to Tame Inflation(excerpt)