The Swiss National Bank did nothing to change either policy or the Euro/Swiss franc floor at its meeting pn Thursday. In fact, the cap on franc strength is likely to be around for several more months at least. The SNB did make noises about growth not meeting the same pace as in the first quarter but investors almost yawned. For now, the take out is that while the cap is in place, they are also not raising it. All of which means that while the SNB will have to spend money to maintain it, if Swiss economic growth is not as strong relative to Europe going forward, they can spend less. And if the market does the work for the SNB and weakens the franc, perhaps the SNB can cease altogether. This was obviously what the SNB was hoping for all along.