SNB Minutes (Sept):

Inflation: The rise in inflation since the beginning of the year has been largely attributable to the increase in oil product prices. There are still no signs of second-round effects, and core inflation has risen only slightly. At the same time, medium-term inflationary pressure is only slightly higher, and the new conditional inflation forecast shows that inflation is within the range consistent with price stability over the entire forecast horizon. FX: The SNB is also willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions. An increased willingness to intervene is no longer necessary in the current environment.