States the central bank's views on developments in the Swiss economy, current monetary policy, and future options for policy changes. Markets tend to focus on the points that may suggest future interest rate changes. For example if the report cites worries over deflation and suggests that lackluster demand has stymied growth, market participants will be more inclined to monitor leading inflation and consumption indicators in order to gauge the likelihood of rate increases in the future.

Additionally, markets tend to pay particular attention to language in the report that might suggest future interest rate changes. If the Swiss National Bank is cautious in its tone about the inflationary outlook for the economy (typically characterized as "Hawkish"), then the market sees a higher likelihood of future rate increases. If the Bank is optimistic ("Dovish") or concerned with deflation, it suggests that future rate increases are less likely.

Relevance : Tends to move markets on release
Release schedule : Whenever the bank deems fit
Source of report : Swiss National Bank
Web Address : http://www.snb.ch/e/index3.html
Address of release : http://www.snb.ch/e/publikationen/publi.html