Will the SNB do more to end deflation worsening again?

Deflation worsened again in April as the CPI fell to -1.1% yoy from -0.9% in March, a near three-year low. Producer and import price deflation worsened to -5.2% yoy from - 3.4%. Will the SNB announce more measures to stop deflation worsening on 18 June?

Sight deposits with domestic banks have dropped back below CHF 380bn to CHF 379.3bn. Total domestic lending slowed to 2.2% yoy in March. Retail sales fell 2.8% yoy in real terms in March (-2.3% yoy ex fuel).

Comments from the central bank over the past month do not indicate that further policy action is imminent, though there were murmurings about FX intervention in EUR/CHF below the 1.0300 level, notes Societe Generale