SNB MEETING NOTES DISCUSSED INFLATION RISKS DUE TO POTENTIAL SECOND-ROUND EFFECTS BY GOVERNING BOARD MEMBERS.

The Swiss National Bank's published meeting notes show that governing board members discussed the risk that inflation could broaden through second-round effects, meaning price increases feeding into wage demands and broader pricing behavior. This matters for markets because second-round dynamics would push inflation expectations higher and could force the central bank to keep policy tighter for longer than currently priced, working through the rate expectations channel and the franc's relative yield appeal. Swiss franc-denominated assets and rate-sensitive instruments are most exposed, with franc strength potentially intensifying if markets read the discussion as a hawkish signal relative to peers, while Swiss equities with heavy export exposure could face pressure from a stronger currency. Traders should watch the upcoming Swiss CPI release and the subsequent SNB policy decision for evidence on whether core inflation and wage data are actually confirming the second-round concern.

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