UBS CFA Indicator: Analysts expect SNB to remain on hold

• The UBS CFA Indicator climbed in May to -11.1 points from -30.3 in April, hinting at a less pessimistic outlook for the Swiss economy over the next six months.
• With inflation expected to reaccelerate this year both in the Eurozone and in the US, long-term interest rates should rise in both regions according to the survey.
• In contrast to market pricing, analysts surveyed expect the SNB to keep its policy rate unchanged at 0% over the coming quarters, with risks only tilted slightly towards a rate hike in later quarters.

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