ING strategist Charlotte de Montpellier said the SNB’s decision to hold rates confirms it is in a relatively comfortable position versus most peers. She expects inflation to remain within the SNB’s target range, with deflation fears eased and limited risk of a sharp rebound. The SNB’s readiness to intervene in FX is aimed at countering franc appreciation, not fighting inflation, implying a steady monetary stance and a 0% policy rate for at least the next two years.