SNB's Schlegel says inflation has recently ticker higher

Remarks flagging a recent uptick in inflation from the SNB chair therefore carry two implications: a reduced appetite for further easing at the front end of the Swiss curve, and a diminished willingness to tolerate franc weakness, since a stronger currency has been the Bank's standard instrument for containing imported price pressure. The distinction worth drawing is between a passing reference to base effects and a signal that the Board sees the uptick as persistent; only the latter shifts the expected path. The usual sequence in past episodes of this kind has been verbal tightening first, with rate action following only if subsequent prints confirm. The follow-ons are the next Swiss CPI releases and any change in tone on sight deposits or intervention language, which historically reveal whether the Bank is prepared to act through the currency. As commentary rather than a decision, the signal is directional, and Swiss inflation surprises have tended to move the franc more than the curve.