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SNB’s Jordan: Inflation will temporarily rise above target then fall quickly
2022-05-19
We take into account the higher inflation rates abroad when deciding monetary policy. We are ready to intervene in FX when necessary. Negative rates and currency interventions necessary for SNB to meet its mandate.
Central Banks on a Preset Course Reduces Significance of High-Frequency Data
2022-04-16
Arguably the most important data next week is the flash PMI. It is not available for all countries, but for those generally large G10 economies, the preliminary estimate is often sufficiently close to the final reading to steal its thunder.
PBOC Trim Reserve Requirements: Delilvers Wet Noodle after Earlier Disappointment
2022-04-15
After posting the daily analysis, the PBOC announced a 25 bp cut in required reserves. This is said to free up around CNY530 bln or around $83 bln. It may help explain the failure to cut the benchmark Medium-Term Lending Facility. Some rural banks may see a 50 bp cut in reserve requirements.
Equities Finding a Bid in Europe After Sliding in Asia Pacific
2022-04-08
Overview: The capital markets are calmer today. The market is digesting the FOMC minutes, where officials tipped an aggressive path to shrink the balance sheet and confirmed an “expeditious” campaign to lift the Fed funds rate to neutrality. Benchmark 10-year yields are softer, with the US off a couple basis points to 2.58%. European yields are 1-3 bp lower.
SNB’s Zurbruegg: It is not roll of monetary policy to cure risks to financial system
2022-03-30
Vulnerabilities have increased and Swiss real estate market. Swiss apartments overvalued by 10% to 35%. SNB continues to monitor developments in real estate market. It is not roll of monetary policy to curb risk to financial system. The USDCHF is trading back below its 100 hour moving average at 0.93129 and its 200 hour moving average at 0.93304.
SNB introduces possibility of repo rate transactions being indexed to policy rate
2022-03-30
This will be added to the SNB’s monetary policy repertoire moving forward but not before some test operations are conducted. For the time being, the central bank implements monetary policy by setting the SNB policy rate so this just adds to the tools they can play around with. However, I still see the key policy rate as being the main weapon in the armory.
SNB says successfully tested use of digital currency to settle transactions with top investment banks
2022-01-15
The latest trial could see the introduction of central bank digital currency move a step closer in Switzerland. The SNB says that they integrated the digital currencies into payment systems and used them in simulated transactions involving UBS, Credit Suisse, Goldman Sachs, and Citigroup.
SNB profitiert von starker Aktienmarktperformance
2022-01-05
Die SNB dürfte laut UBS für das Gesamtjahr 2021 einen Gewinn von fast 20 Mrd. Franken ausweisen. Dieser ist einer starken Aktienmarktperformance zu verdanken trotz belastender Zins- und Währungsveränderungen. Im letzten Quartal hingegen dürfte die Nationalbank wegen der deutlichen Aufwertung des Frankens gegenüber den meisten Währungen einen Verlust von über 20 Mrd. Franken erlitten haben.
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