SNB likely to keep the LIBOR target range unchanged

Stardard Chartered Macro Research notes:

• We expect the Swiss National Bank (SNB) to keep the 3-month LIBOR target range unchanged at -1.25 to -0.25 at its meeting on 19 March. 
• We also expect the SNB to keep the sight deposit rate at -0.75%. The announcement will be followed by a press conference. 
• The SNB does not always hold press conferences after rate announcements, and we believe that SNB President Jordan will use the press conference to comment further on the new monetary policy framework after the discontinuation of the EUR-CHF peg in January. 
• The SNB will also present updated macroeconomic forecasts. 
• We expect a downgrade of the official GDP and inflation forecasts for 2015.