Swiss October CPI rises 1.5% year-on-year, above 1.2% forecast

The surprise here is less the level than the direction: Swiss inflation had been running near the bottom of the range, and a reading above consensus complicates the picture of a disinflation trend that had looked settled. This matters most for rate-sensitive parts of the market, where the SNB's path has been priced as a one-way story. Whether this is a one-off or the start of a firmer trend is the open question, and the next CPI print will carry outsized weight for Swiss rates and the franc.