SNB's Chairman Schlegel says interest rates are currently appropriate; SNB can cut rates below zero, but a higher threshold.

• Swiss economy growing moderately, below average.
• Can be active in the FX markets.

The remarks from SNB Chairman Schlegel suggest a continuation of the current interest rate stance, indicating that while there is some flexibility to lower rates further, significant thresholds would need to be met first. The note on moderate economic growth below average implies that the SNB remains cautious, which could lead to a more dovish outlook for Swiss monetary policy. Traders should watch for implications on the CHF and how it interacts with both fixed income assets and broader market sentiment.