00:00Let me take you to Bern, let me take you to the S&B announcement that is coming through this
00:02morning.
00:03Rate left on hold, as anticipated, nothing to see here.
00:05However, it's the story relating to FX intervention.
00:09Obviously, this is something the Swiss have been doing a lot of over the last few years
00:13as they've tried to manage the drift, the push higher that we've seen in the Swiss franc.
00:17They've removed some quite key language, which I think is worth paying attention to.
00:21They've dropped the, quote, increased willingness wording from the FX story
00:27in terms of what they are anticipating, expecting to do.
00:31And what this is doing, as you can see, is having an impact on the Swiss franc.
00:36You've got dollar-Swissi moving to the upside.
00:39You've got euro-Swissi moving to the upside as well.
00:42And that is what we're seeing right now in this market.
00:46They're saying the mid-term, this is still on the S&B,
00:48they're saying the mid-term inflationary pressure has increased only slightly.
00:52Monetary policy is appropriate to keep inflation in range.
00:54And, of course, the movement in the currency, and you were talking about what they've been saying there,
00:58the movement in the currency has been in focus because, obviously, they've been a haven through the war,
01:04but then they've been seeing reduced demand for the currency.
01:08And, of course, that can push up CPI.
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