SNB’s Jordan: Inflation will temporarily rise above target then fall quickly

• 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
• Ready to act if inflation strengthens
• SNB is not a hostage to other central banks, leads its own independent monetary policy

I just don’t see how Switzerland and Japan avoid the inflationary forces that are hitting everywhere else in the world. When they make the pivot to rate hikes, it will be a mess.

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