SNB: Negative rate, intervention pledge remains essential

The SNB left its expansionary monetary policy unchanged at its policy meeting today.

Following are main headlines from the policy statement:

Prepared to intervene in the FX market if needed.

Negative rate, intervention pledge remains essential.

2018 GDP growth forecast unchanged at 2%.

2018 inflation seen at 0.9% (previous forecast 0.6%).

2019 inflation seen at 0.9% (previous forecast 0.9%).

2020 inflation seen at 1.6% (previous forecast 1.9%).

CHF remains highly valued.

Economic signals for global economy remains favorable.

Risks to SNB's baseline scenario are more to the downside.

Situation in the FX market remains fragile.