SNB PREVIEW: Overall, very much as expected from the SNB. A 50bp hike was delivered to 1.00% with the only 'major' tweak being the replacing of "further" with "additional" in the forward guidance line; though, it remains to be seen what, if any, bearing this alteration has. For reference, Chairman Jordan did not elaborate on this much in the presser. Rates aside, FX language was reiterated and the Exemption Threshold altered to account for the 50bp move. As such, the reaction was limited but the Franc did experience some modest pressure, perhaps spurred on a 'buy the rumour, sell the fact' narrative given the as-expected move and the inflation forecasts now showing Switzerland at a peak, limiting the need for further tightening. Within the subsequent press conference, the main but perhaps unsurprising point was Chairman Jordan explicitly confirming that the SNB has sold foreign FX in recent months; additionally, he reiterated a willingness to undertake two-way intervention.