• The Swiss National Bank kept its policy rate unchanged at zero percent this morning. Despite aknowledging the worsening energy shock and the weakening Swiss franc, the SNB's tone was even less hawkish than I expected;

• SNB President Martin Schlegel saw little need to up the hawkish ante in the post-meeting press conference. Unsurprisingly, as while the conditional inflation forecast was raised, this was largely down to the temporary energy shock. Looking through that, medium-term inflation is still expected to sit in the lower half of the SNB's target range;

• The most notable shift in messaging came in the statement's FX intervention language, which softened. As I expected, the SNB seems comfortable with the franc's current level.

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