SNB MINUTES SHOW THAT MONETARY POLICY REMAINS EXPANSIVE AND EXCESS LIQUIDITY SUPPORTS PRICE STABILITY IN THE MEDIUM TERM.

The Swiss National Bank's minutes indicate that the central bank regards its monetary policy as still expansionary and judge that excess liquidity in the system is consistent with price stability over the medium term. The core transmission mechanism is the policy-rate and liquidity channel: a stance described as expansionary tends to keep short-term franc funding costs low and sustains the SNB's willingness to intervene against franc strength, which weighs on the currency's relative yield appeal and encourages carry-oriented capital flows out of the franc. The most exposed markets are Swiss franc crosses, particularly CHF/EUR and CHF/USD, along with Swiss short-end rate futures, where any shift in the forward path for SNB policy would reprice quickly. Traders should watch the next Swiss CPI release and the SNB's subsequent quarterly assessment, since a sustained inflation print near the bank's target would test whether the "excess liquidity supports price stability" framing remains credible or prompts a reassessment of the policy stance.

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