Swiss rate-setters are widely expected to hold their key rates at current levels Thursday with annual inflation remaining inside their predetermined range.
An economists’ poll predicted an unchanged Swiss National Bank policy rate of zero percent. This would follow six straight reductions that included cuts of 25 basis points in June and March, and 50bp in December.
Headline annual inflation in the Alpine country last month repeated July’s rate of 0.2%, keeping it within the SNB target range of 0-2%. August consumer prices contracted -0.1% on the month versus the previous flat reading.
“We expect the SNB to leave its policy rate at 0.00%,” Nomura said in a note. “Inflation appears to be maintaining a pace slightly above the bank’s June forecast, and SNB President Martin Schlegel has said that the SNB has a high bar for the next policy rate cut.”
Watching the ECB
Thanks to a shift in the stance at the European Central Bank to the north, its Swiss counterpart looks destined to stand pat for a while, according to Nomura. “Hawkishness from the ECB at recent meetings suggests the ECB is unlikely to cut its policy rate again for the foreseeable future, limiting the prospect of CHF appreciation from further ECB cuts.”
So far this year, the franc has appreciated less than half a percent against the euro. The change against the greenback has been much starker, with the Swiss currency up more than 14%.
The ECB held its key rates steady earlier this month, reiterating that interest rates were “in a good place”, and many observers have said this cycle of Eurozone rate cuts is likely over. Growth has been lagging in Germany, Europe’s largest economy, but Berlin plans to invest hundreds of billions on infrastructure and the military in the years ahead. Germany is Switzerland’s leading trade partner.
Additionally, the Bundesbank, Germany’s central bank, said recently that domestic GDP likely grew this quarter.
Swiss-US relations remain an issue: US tariffs on the country are currently 39%, which could impact growth and force the SNB into negative rates to boost the economy, observers have noted. According to the New York Times, the trade sanctions have prodded Swiss-based Victorinox, manufacturer of the Swiss army knife, into consider opening production in the US.
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/*jshint esversion: 6 */
var socket;
var assigned_server = 3001;
var distributor_server = 3010;
var publisher_channel = '';
var broadcaster_channel = '';
var remote_ip = '';
var session_info = {};
var logging_interval;
var logging_interval_time = 120000;
var socket_emits = 0;
var session_start_time;
var reconnectionDelayGrowFactor = 1.2;
var reconnection_delay = 1000;
var playing = false;
var connected_to_assigned = false;
var socket_close_timeout;
var player_disconnected_annoucement_play_delay = 1500;
var player_disconnected_annoucement_play_timeout = null;
self.onmessage = function (msg) {
switch(msg.data.action) {
case 'Reactivate': reactivate(); break;
case 'ConnectDistributor': connect_to_distributor(msg); break;
case 'SessionStaticInfo': session_static_info(msg); break;
case 'SessionInfo': update_session_info(msg.data); break;
case 'PauseLogging': clearTimeout(logging_interval); break;
case 'RestartLogging': postMessage({action: 'RequestSessionStaticInfo' }); break;
case 'JoinPublisherChannel': join_publisher_channel(msg.data); break;
case 'JoinPlayerChannel': join_player_channel(msg.data); break;
case 'CheckChannelStatus': check_channel_status(msg.data); break;
case 'PlayerLogResponse': player_log_response(msg.data); break;
case 'CloseSocket': close_socket(); break;
case 'RequestMessageSearch': request_message_search(msg.data); break;
case 'RequestMoreMessages': request_more_messages(msg.data); break;
case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break;
case 'PlayerDisconnectedAnnoucementTimeoutClear': player_disconnected_annoucement_timeout_clear(); break;
}
};
function player_disconnected_annoucement_timeout_clear() {
clearTimeout(player_disconnected_annoucement_play_timeout);
player_disconnected_annoucement_play_timeout = null;
}
function player_disconnected_annoucement_timeout_start() {
player_disconnected_annoucement_play_timeout = setTimeout(function() { send_play_disconnect_annoucement(); }, player_disconnected_annoucement_play_delay );
}
function send_play_disconnect_annoucement() {
postMessage({action: "PlayDisconnectAnnoucement"});
}
function reactivate() {
playing = false;
connect_to_assigned_server();
}
function player_log_response(data) {
var data_array = {};
data_array.type = 'PlayerLogResponse';
data_array.respond_to_socket_final = data.respond_to_socket_final;
data_array.respond_to_socket = data.respond_to_socket;
data_array.player_socket_id = data.player_socket_id;
data_array.logs = data.logs;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_message_search(data) {
var data_array = {};
data_array.type = 'request_message_search';
data_array.publisher_channel = data.publisher_channel;
data_array.search_term = data.search_term;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function request_more_messages(data) {
var data_array = {};
data_array.type = 'request_more_messages';
data_array.publisher_channel = data.publisher_channel;
data_array.last_record_id = data.last_record_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function check_channel_status(data) {
var data_array = {};
data_array.type = 'check_channel_status';
data_array.app_name = data.app_name;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1 && connected_to_assigned) { socket.send(msg_string); }
else { setTimeout(function() { check_channel_status(data); },500); }
}
function check_channel_status_response(data) {
postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected });
}
function join_publisher_channel(data) {
var data_array = {};
data_array.type = 'join_publisher_channel';
if (typeof data.api_key !== 'undefined') { data_array.api_key = data.api_key; }
else {
data_array.publisher_channel = data.publisher_channel;
data_array.username = data.username;
data_array.subscriber_group = data.subscriber_group;
data_array.display_name = data.display_name;
data_array.single_sign_on = data.single_sign_on;
data_array.remote_ip = data.remote_ip;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
data_array.from_react = data.from_react;
}
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) {
socket.send(msg_string); }
postMessage({action: 'PublisherChannelJoined' });
}
function session_static_info(msg) {
set_static_session_info(msg.data);
start_log();
}
function connect_to_distributor(msg) {
publisher_channel = msg.data.publisher_channel;
remote_ip = msg.data.remote_ip;
socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server);
socket.onopen = function(event) { request_server_assignment(); };
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
switch(data.type) {
case 'server_assignment_response': server_assignment_response(data); break;
}
};
}
function session_info_interval() {
postMessage({action: 'RequestSessionInfo' });
logging_interval = setTimeout(session_info_interval,logging_interval_time);
}
function server_assignment_response(data) {
assigned_server = data.selected_server;
socket.close();
connect_to_assigned_server();
}
function request_server_assignment() {
var data_array = {};
data_array.type = 'request_server_assignment';
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function connect_to_assigned_server() {
socket = new WebSocket("wss://ws.livesquawk.com/ws"+assigned_server);
socket.onopen = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server });
console.log("Connected to server "+assigned_server);
postMessage({ action: 'ConnectedToAssigned' });
connected_to_assigned = true;
if (playing) {
postMessage({ action: 'RejoinPlayerChannel' });
}
};
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
if (data.type != 'server_ping') { /* console.log(data.type); */ }
switch(data.type) {
case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
case 'reload': postMessage({ action: 'Reload' }); break;
case 'start_log_response': start_log_response(data); break;
case 'application_refresh_start': application_refresh_start(data); break;
case 'application_refresh_stop': application_refresh_stop(data); break;
case 'player_log_request':
case 'check_channel_status_response': check_channel_status_response(data); break;
case 'PlayerLogRequest':
case 'new_tweet':
case 'new_latest_news':
case 'delete_report':
case 'add_report':
case 'add_ref_doc':
case 'calendar_change':
case 'calendar_insert':
case 'calendar_delete':
case 'new_note':
case 'AppStart':
case 'AppStop':
case 'BroadcasterStarted':
case 'BroadcasterStopped':
case 'added_cme_report':
case 'updated_cme_report':
case 'added_cme_commentary':
case 'updated_cme_commentary':
case 'server_assignment_response':
case 'initial_messages':
case 'message_categories':
case 'more_messages':
case 'matched_messages':
pass_straight_to_post_message(data);
break;
case 'output':
case 'server_ping':
case 'reconnect':
case 'disconnect':
break;
}
};
socket.onerror = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type });
console.log(event);
postMessage({ action: 'LSSocketConnectionError' });
};
socket.onclose = function(event) {
console.log('Socket is closed. Reconnect will be attempted in 1 second.', event.reason);
socket_close_timeout = setTimeout(connect_to_assigned_server, reconnection_delay);
reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor;
connected_to_assigned = false;
};
}
function close_socket() {
clearTimeout(socket_close_timeout);
socket_close_timeout = null;
socket.onclose = function(event) {};
socket.onmessage = function(event) {};
socket.onerror = function(event) {};
socket.close(1000);
console.log('Socket Closed');
}
function pass_straight_to_post_message(data) {
data.action = data.type;
postMessage(data);
}
function join_player_channel(data) {
var data_array = {};
data_array.type = 'join_player_channel';
data_array.player_channel = data.player_channel;
data_array.remote_ip = data.remote_ip;
data_array.username = data.username;
data_array.app_name = data.app_name;
data_array.onair_status = data.onair_status;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
postMessage({action: 'PlayerChannelJoined' });
playing = true;
}
function start_log_response(data) {
session_info.session_id = data.log_record_id;
session_info_interval();
}
function application_refresh_start(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); }
}
function application_refresh_stop(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); }
}
function set_static_session_info(data) {
session_info.browser_codename = data.browser_codename;
session_info.browser_name = data.browser_name;
session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
}
function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear();
var data_array = {};
data_array.type = 'webrtc_start_log';
data_array.remote_ip = session_info.remote_ip;
data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
data_array.connection_protocol = session_info.protocol;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.browser_codename = session_info.browser_codename;
data_array.browser_name = session_info.browser_name;
data_array.user_agent = session_info.user_agent;
data_array.browser_version = session_info.browser_version;
data_array.cookies_enabled = session_info.cookies_enabled;
data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
data_array.remote_ip = session_info.remote_ip;
data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
- Monthly consumer prices ease in August
- Trump tariffs raise concerns
- Thursday’s decision set for 07:30 GMT / 09:30 CET
- Press conference scheduled for 10:00 GMT / 10 CET
By Eric Culp, European Editor
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
24 September 2024 | 06:45 GMT
Swiss rate-setters are widely expected to hold their key rates at current levels Thursday with annual inflation remaining inside their predetermined range.
An economists’ poll predicted an unchanged Swiss National Bank policy rate of zero percent. This would follow six straight reductions that included cuts of 25 basis points in June and March, and 50bp in December.
Headline annual inflation in the Alpine country last month repeated July’s rate of 0.2%, keeping it within the SNB target range of 0-2%. August consumer prices contracted -0.1% on the month versus the previous flat reading.
“We expect the SNB to leave its policy rate at 0.00%,” Nomura said in a note. “Inflation appears to be maintaining a pace slightly above the bank’s June forecast, and SNB President Martin Schlegel has said that the SNB has a high bar for the next policy rate cut.”
Watching the ECB
Thanks to a shift in the stance at the European Central Bank to the north, its Swiss counterpart looks destined to stand pat for a while, according to Nomura. “Hawkishness from the ECB at recent meetings suggests the ECB is unlikely to cut its policy rate again for the foreseeable future, limiting the prospect of CHF appreciation from further ECB cuts.”
So far this year, the franc has appreciated less than half a percent against the euro. The change against the greenback has been much starker, with the Swiss currency up more than 14%.
The ECB held its key rates steady earlier this month, reiterating that interest rates were “in a good place”, and many observers have said this cycle of Eurozone rate cuts is likely over. Growth has been lagging in Germany, Europe’s largest economy, but Berlin plans to invest hundreds of billions on infrastructure and the military in the years ahead. Germany is Switzerland’s leading trade partner.
Additionally, the Bundesbank, Germany’s central bank, said recently that domestic GDP likely grew this quarter.
Swiss-US relations remain an issue: US tariffs on the country are currently 39%, which could impact growth and force the SNB into negative rates to boost the economy, observers have noted. According to the New York Times, the trade sanctions have prodded Swiss-based Victorinox, manufacturer of the Swiss army knife, into consider opening production in the US.
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