In their 2019 outlook released Tuesday, Credit Suisse analysts said the Swiss National Bank is "likely to remain on hold until the ECB starts to raise rates," and that the ECB won't start until the second half of next year. That's a reversal from June, when Credit Suisse expected the SNB to raise rates in the first quarter of 2019, before the ECB. "We underestimated the caution of the SNB," said Credit Suisse's chief economist Oliver Adler, explaining the reason for this change. The euro last trades at 1.1314 Swiss francs, little changed from Monday. - via WSJ