![]()
What is New?
-
Referenzzins – SNB-Direktorin Maechler drängt auf rasche Saron-Umstellung
Die Schweizerische Nationalbank hat vor einem halben Jahr den SNB-Leitzins eingeführt, weil der zuvor verwendete Referenzzins Libor ein Ablaufdatum hat. Seither haben die Währungshüter den Saron im Fokus. Dieser soll von den Marktteilnehmern nun konsequenter verwendet werden.
Read more » -
Geldpolitik – Trotz steigender Kritik: Schweizerische Nationalbank lässt Negativzins unverändert
-
Can Swiss business and human rights co-exist?
-
The FOMC Channels China’s Xi As To Japan Going Global
-
Why Central Banks Aren’t Really Setting Interest Rates
-
FX Daily, December 12: Enguard Lagarde
-
Monetary policy assessment of 12 December 2019
SNB and CHF
-
Referenzzins – SNB-Direktorin Maechler drängt auf rasche Saron-Umstellung
Die Schweizerische Nationalbank hat vor einem halben Jahr den SNB-Leitzins eingeführt, weil der zuvor verwendete Referenzzins Libor ein Ablaufdatum hat. Seither haben die Währungshüter den Saron im Fokus. Dieser soll von den Marktteilnehmern nun konsequenter verwendet werden.
Read more » -
Geldpolitik – Trotz steigender Kritik: Schweizerische Nationalbank lässt Negativzins unverändert
-
Monetary policy assessment of 12 December 2019
-
Money for nothing – Swiss government gets paid to borrow
-
Bank savers feel sting from negative interest rates
-
USD/CHF Technical Analysis: Forms bearish flag on hourly chart
-
Weekly SNB Sight Deposits and Speculative Positions
Gold and Bitcoin
-
Gold $1600 In 2020 as Case for Diversifying into Gold ‘as Strong as Ever’ – Goldman
Gold will climb to $1,600 over the next year – Goldman. ◆ Goldman is still forecasting that gold will climb to $1,600 over the next year due to investment demand. ◆ Investors should diversify their long-term bond holdings with gold, citing “fear-driven demand” for the precious metal – Goldman Sachs Group Inc.
Read more » -
The End of an Epoch, Report 8 Dec
-
Blockchain shares – who needs lawmakers?
-
Largest Gold Nugget in Britain Found in River in Scotland – “Experts” Concerned About a Scottish Gold Rush
-
Global ‘Gold Rush’ Beginning As Investors and Central Banks Buy, Repatriate and Move Gold
-
$255 Trillion Global Debt Bubble May Burst In 2020 – Prepare Now
-
Money and Prices Are a Dynamic System, Report 1 Dec
Austrian Economics
-
Why Central Banks Aren’t Really Setting Interest Rates
Mainstream thinking considers the central bank a key factor in the determination of interest rates. By setting short-term interest rates, the central bank, it is argued, can influence the entire interest rate structure by creating expectations about the future course of its interest rate policy.
Read more » -
Central Banks May Be Driving Us Toward More Waste, More Carbon Emissions
-
The destruction of civilization – implications of extreme monetary interventions
-
Why this Boom Could Keep Going Well Beyond 2019
-
How California’s Government Plans to Make Wildfires Even Worse
-
Blue Laws: Consumers, Not Capitalists, Are the Reason We’re Working on Sunday
-
The Cultural Consequences of Negative Interest Rates
Swiss & European Macro
-
Swiss Producer and Import Price Index in November 2019: -2.5 percent YoY, -0.4 percent MoM
12.12.2019 - The Producer and Import Price Index fell in November 2019 by 0.4% compared with the previous month, reaching 100.5 points (December 2015 = 100). This decline was due in particular to lower prices for chemical and pharmaceutical products. Compared with November 2018, the price level of the whole range of domestic and imported products fell by 2.5%.
Read more » -
Switzerland Unemployment in November 2019: Up to 2.3 percent, seasonally adjusted unchanged at 2.3 percent
-
Upward pressure on equity volatility mitigated by fund flows
-
Core sovereign bonds 2020 Outlook
-
Swiss Consumer Price Index in Novemeber 2019: -0.1 percent YoY, -0.1 percent MoM
-
Swiss Retail Sales, October 2019: +0.1 percent Nominal and +0.9 percent Real
-
Euro Area 2020 Macro Outlook
Swiss Markets & News
-
Can Swiss business and human rights co-exist?
Switzerland performs a delicate dance when it comes to promoting business interests, maintaining neutrality and defending human rights. Daniel Warner looks at recent examples and the stakes at play. Doing business with other countries and promoting human rights can and do go hand in hand, Swiss State Secretary for Foreign Affairs Pascale Baeriswyl recently told swissinfo.ch.
Read more » -
Nestlé identifies over 18,000 child labourers in cocoa supply chain
-
Swiss seek compromise amid ‘lack of will’ at climate talks
-
Swiss asset managers linked to Austrian corruption scandals
-
Another month of falling prices in Switzerland
-
Some Swiss import duties could be axed
-
Failed space flight firm was backed by ‘phantom bank’
FX Trends
-
FX Daily, December 12: Enguard Lagarde
With the FOMC meeting delivered no surprises, attention turns to the ECB meeting as the UK go to the polls. Lagarde will hold her first press conference as ECB president today, and it will naturally command attention. Equities are advancing today, and tech appears to be leading the way. In Asia Pacific, Taiwan and South Korea rallied more than 1%, while the Hang Seng gapped higher to almost its best level in three weeks.
Read more » -
FX Daily, December 11: Sterling Holds Firm Despite Tighter Poll
-
FX Daily, December 10: Capital Markets: Still Seems to be the Calm before the Storm
-
FX Daily, December 09: China’s Steps-Up Import Substitution Strategy while USMCA Comes Down to the Wire
-
FX Weekly Preview: An Eventful Week Ahead
-
FX Daily, December 6: And Now for the Employment Report
-
FX Daily, December 5: Sterling Sent Higher as Market Discounts Next Week’s Election
Global Macro & Emerging Markets
-
The FOMC Channels China’s Xi As To Japan Going Global
The massive dollar eruption in the middle of 2014 altered everything. We’ve talked quite a lot about what Euro$ #3 did to China; it sent that economy into a dive from which it wouldn’t escape. And in doing so convinced the Chinese leadership to give growth one more try before changing the game entirely once stimulus inevitably failed.
Read more » -
Why “This Sucker Is Going Down”
-
If Trade Wars Couldn’t, Might Pig Wars Change Xi’s Mind?
-
Disposable (Employment) Figures
-
The BIS Misses An Opportunity To Get Consistent With The Facts
-
You Will Never Bring It Back Up If You Have No Idea Why It Falls Down And Stays Down
-
The Taxonomy of Collapse
Markets
-
The Golden Autumn Season – One of the Most Reliable Seasonal Patterns Begins
The Strongest Seasonal Stock Market Trend. Readers may already have guessed: when the vibrant colors of the autumn leaves are revealed in all their splendor, the strongest seasonal period of the year begins in the stock market – namely the year-end rally. Stocks typically rise in this time period. However, there are questions, such as: how often does a rally take place, how strong is it, and when is the best time for investors to enter the...
Read more » -
America’s Road Map to $40 Trillion National Debt by 2028
-
Tidbits Of Further Warnings: Houston, We (Still) Have A (Repo) Problem
-
Head Faking In The Empty Zoo: Powell Expands The Balance Sheet (Again)
-
Money Markets: Sizing Up the Cavalry
-
More Than A Decade Too Late: FRBNY Now Wants To Know, Where Were The Dealers?
-
What’s The Verdict On This Week?
CHF End of Peg
-
Impressive Swiss Recovery After SNB Peg Removal
Retail data shows that the SNB peg removal in January 2015 as early as April 2015 with minimal adverse impact on the economy. Trade surplus showed that Switzerland had fully recovered its lost trade surplus in May and expectations crossed an important threshold into positive territory in June. CHF strengthened since May end, as the market caught wind of the Swiss recovery, and the Grexit would further strengthen the CHF if it were to occur.
Read more » -
Q1/2015: Swiss Real GDP Rises by 15 percent … in Euro Terms
-
Is the Swiss Franc Really so Expensive or is Swiss Consumption anemic?
-
End of EUR/CHF Peg
-
Colin Lloyd on the end of the EUR CHF peg
-
Why did the Swiss franc spike? Lack of Capital Outflows
-
What Caused The Swiss Financial Tsunami? Three Reasons, One Trigger, One Chain Reaction
The History of the Swiss Franc
-
Swiss Franc History, from 2004 to 2009: The undervalued franc
A Critical History of the Swiss Franc: During the "global carry trade" period between 2004 and 2007, the euro strongly appreciated against the Swiss franc. Most astonishingly this happened, despite the fact that the Swiss GDP growth was on average 0.5% higher
Read more » -
Swiss Franc History 1986-1996: Swiss real estate Boom and Bust
-
Swiss Franc History, 2012: CHF becomes a “safe” Risk-On Currency
-
Swiss Franc History: Volcker’s defeat of inflation strengthens dollar, weakens Swiss franc
-
Swiss Franc History: Weak German and Swiss growth between 1996 and 2004
-
History of SNB Interventions
-
Swiss Franc History: The long-term view and the comparison with gold
Economic Theory
-
Don’t Sell Economic Stability to Buy Economic Growth, Warns Tomáš Sedláček
Don’t sell economic stability to buy economic growth,” warned Tomáš Sedláček, chief macroeconomic strategist at CSOB Bank. Sedláček’s unconventional view is that our problem is not lack of growth but too much of it. See more at the CFA Institute Blog.
Read more » -
7a) Economic Theories Overview
-
Heterodox Economic Theories and GDP
-
Hans Werner Sinn’s Piketty Critique: “r ≠ i > g”
-
Richard Koo´s misleading take on the great recession: The final chapter – a guest post by Mark Sadowski
-
The Cost-Push Inflation Legend
-
Rational Expectations, Lucas Critique and NAIRU
Richard Koo and Sector Balances
-
Weak Yen, Is it Really a Currency War?
Some journalists, like Ambrose Evans-Pritchard of the U.K.'s Telegraph and Michael Casey of the Wall Street Journal, have already claimed this to be a shot in the currency wars. Casey focuses exclusively on the BOJ activity and does not even mention GPIF. Evans-Pritchard spends most of his time talking about the bearish yen implications of the increased BOJ purchases, and mentions GPIF only at the very end of the his essay, and even then to...
Read more » -
Richard Koo, Revitalizing the Eurozone without Fiscal Union, April 2012
-
7d) Richard Koo’s and other Sector Balances
-
How Long Will the U.S. Recovery Last? A Reminder: The False Japanese Recovery in 1998/1999
-
Richard Koo: Balance Sheet Recessions
-
Balance Sheet Recession becomes mainstream, four years too late
-
Cultural Reasons for Japan’s Deflation: Can the U.S. Go into a Balance Sheet Recession?
