Swiss National Bank (SNB) Chairman Thomas Jordan is delivering opening remarks at the High-Level Conference on Global Risk, Uncertainty, and Volatility, in Zurich.

Key quotes

“Our monetary policy decisions are not based exclusively on our inflation forecast.”

“Policy decisions must be based on a firm commitment to the objective of price stability.“

“We are also experimenting with machine-learning models that are trained using a large set of economic and alternative indicators.”

“Uncertainty must not mean indecision.”

“We do not aim to fine-tune inflation within this range of 0 -2%.”

“When faced with large shocks that increase the risk of persistent movements of inflation away fromthe range, determined action is necessary.”

Market reaction

USD/CHF is defending 0.9900 on the above comments, with the major trading at 0.9911, up 0.31% on the day.