Morgan Stanley strategists have indicated in a report that the Swiss National Bank might tolerate an appreciation of the Swiss franc to counter imported inflation. According to Jin10, the increase in energy prices, driven by the war in Iran, has led to a rise in import prices for Switzerland in March. The strategists suggest that this could dampen market expectations of the Swiss National Bank intervening in the foreign exchange market to weaken the franc. They also noted that if concerns about global growth significantly impact global bond yields, the Swiss franc is likely to outperform other currencies.