What is New?
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Referenzzins – SNB-Direktorin Maechler drängt auf rasche Saron-Umstellung
4 hours agoDie 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.
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Geldpolitik – Trotz steigender Kritik: Schweizerische Nationalbank lässt Negativzins unverändert
5 hours ago -
Can Swiss business and human rights co-exist?
6 hours ago -
The FOMC Channels China’s Xi As To Japan Going Global
7 hours ago -
Why Central Banks Aren’t Really Setting Interest Rates
9 hours ago -
FX Daily, December 12: Enguard Lagarde
20 hours ago -
Monetary policy assessment of 12 December 2019
23 hours ago
SNB and CHF
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Referenzzins – SNB-Direktorin Maechler drängt auf rasche Saron-Umstellung
4 hours agoDie 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
5 hours ago -
Monetary policy assessment of 12 December 2019
23 hours ago -
Money for nothing – Swiss government gets paid to borrow
1 day ago -
Bank savers feel sting from negative interest rates
2 days ago -
USD/CHF Technical Analysis: Forms bearish flag on hourly chart
3 days ago -
Weekly SNB Sight Deposits and Speculative Positions
4 days ago
Gold and Bitcoin
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Gold $1600 In 2020 as Case for Diversifying into Gold ‘as Strong as Ever’ – Goldman
2 days agoGold 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.
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The End of an Epoch, Report 8 Dec
3 days ago -
Blockchain shares – who needs lawmakers?
5 days ago -
Largest Gold Nugget in Britain Found in River in Scotland – “Experts” Concerned About a Scottish Gold Rush
7 days ago -
Global ‘Gold Rush’ Beginning As Investors and Central Banks Buy, Repatriate and Move Gold
7 days ago -
$255 Trillion Global Debt Bubble May Burst In 2020 – Prepare Now
9 days ago -
Money and Prices Are a Dynamic System, Report 1 Dec
10 days ago
Austrian Economics
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Why Central Banks Aren’t Really Setting Interest Rates
9 hours agoMainstream 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.
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Central Banks May Be Driving Us Toward More Waste, More Carbon Emissions
1 day ago -
The destruction of civilization – implications of extreme monetary interventions
2 days ago -
Why this Boom Could Keep Going Well Beyond 2019
3 days ago -
How California’s Government Plans to Make Wildfires Even Worse
4 days ago -
Blue Laws: Consumers, Not Capitalists, Are the Reason We’re Working on Sunday
6 days ago -
The Cultural Consequences of Negative Interest Rates
8 days ago
Swiss & European Macro
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Swiss Producer and Import Price Index in November 2019: -2.5 percent YoY, -0.4 percent MoM
24 hours ago12.12.2019 - 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%.
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Switzerland Unemployment in November 2019: Up to 2.3 percent, seasonally adjusted unchanged at 2.3 percent
3 days ago -
Upward pressure on equity volatility mitigated by fund flows
6 days ago -
Core sovereign bonds 2020 Outlook
7 days ago -
Swiss Consumer Price Index in Novemeber 2019: -0.1 percent YoY, -0.1 percent MoM
10 days ago -
Swiss Retail Sales, October 2019: +0.1 percent Nominal and +0.9 percent Real
11 days ago -
Euro Area 2020 Macro Outlook
14 days ago
Swiss Markets & News
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Can Swiss business and human rights co-exist?
6 hours agoSwitzerland 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.
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Nestlé identifies over 18,000 child labourers in cocoa supply chain
1 day ago -
Swiss seek compromise amid ‘lack of will’ at climate talks
2 days ago -
Swiss asset managers linked to Austrian corruption scandals
4 days ago -
Another month of falling prices in Switzerland
4 days ago -
Some Swiss import duties could be axed
5 days ago -
Failed space flight firm was backed by ‘phantom bank’
5 days ago
FX Trends
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FX Daily, December 12: Enguard Lagarde
20 hours agoWith 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.
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FX Daily, December 11: Sterling Holds Firm Despite Tighter Poll
2 days ago -
FX Daily, December 10: Capital Markets: Still Seems to be the Calm before the Storm
3 days ago -
FX Daily, December 09: China’s Steps-Up Import Substitution Strategy while USMCA Comes Down to the Wire
4 days ago -
FX Weekly Preview: An Eventful Week Ahead
4 days ago -
FX Daily, December 6: And Now for the Employment Report
7 days ago -
FX Daily, December 5: Sterling Sent Higher as Market Discounts Next Week’s Election
8 days ago
Global Macro & Emerging Markets
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The FOMC Channels China’s Xi As To Japan Going Global
7 hours agoThe 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.
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Why “This Sucker Is Going Down”
1 day ago -
If Trade Wars Couldn’t, Might Pig Wars Change Xi’s Mind?
1 day ago -
Disposable (Employment) Figures
2 days ago -
The BIS Misses An Opportunity To Get Consistent With The Facts
2 days ago -
You Will Never Bring It Back Up If You Have No Idea Why It Falls Down And Stays Down
3 days ago -
The Taxonomy of Collapse
3 days ago
Markets
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The Golden Autumn Season – One of the Most Reliable Seasonal Patterns Begins
2019-10-30The 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...
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America’s Road Map to $40 Trillion National Debt by 2028
2019-10-21 -
Tidbits Of Further Warnings: Houston, We (Still) Have A (Repo) Problem
2019-10-18 -
Head Faking In The Empty Zoo: Powell Expands The Balance Sheet (Again)
2019-10-09 -
Money Markets: Sizing Up the Cavalry
2019-09-26 -
More Than A Decade Too Late: FRBNY Now Wants To Know, Where Were The Dealers?
2019-09-24 -
What’s The Verdict On This Week?
2019-09-21
CHF End of Peg
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Impressive Swiss Recovery After SNB Peg Removal
2015-06-28Retail 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.
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Q1/2015: Swiss Real GDP Rises by 15 percent … in Euro Terms
2015-06-18 -
Is the Swiss Franc Really so Expensive or is Swiss Consumption anemic?
2015-02-21 -
End of EUR/CHF Peg
2015-02-21 -
Colin Lloyd on the end of the EUR CHF peg
2015-02-06 -
Why did the Swiss franc spike? Lack of Capital Outflows
2015-01-28 -
What Caused The Swiss Financial Tsunami? Three Reasons, One Trigger, One Chain Reaction
2015-01-20
The History of the Swiss Franc
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Swiss Franc History, from 2004 to 2009: The undervalued franc
2014-06-22A 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
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Swiss Franc History 1986-1996: Swiss real estate Boom and Bust
2014-06-22 -
Swiss Franc History, 2012: CHF becomes a “safe” Risk-On Currency
2013-06-22 -
Swiss Franc History: Volcker’s defeat of inflation strengthens dollar, weakens Swiss franc
2014-06-22 -
Swiss Franc History: Weak German and Swiss growth between 1996 and 2004
2014-06-22 -
History of SNB Interventions
2014-11-22 -
Swiss Franc History: The long-term view and the comparison with gold
2014-06-22
Economic Theory
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Don’t Sell Economic Stability to Buy Economic Growth, Warns Tomáš Sedláček
2012-12-01Don’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.
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7a) Economic Theories Overview
2013-03-18 -
Heterodox Economic Theories and GDP
2014-11-29 -
Hans Werner Sinn’s Piketty Critique: “r ≠ i > g”
2014-05-13 -
Richard Koo´s misleading take on the great recession: The final chapter – a guest post by Mark Sadowski
2015-12-08 -
The Cost-Push Inflation Legend
2014-02-01 -
Rational Expectations, Lucas Critique and NAIRU
2014-07-07
Richard Koo and Sector Balances
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Weak Yen, Is it Really a Currency War?
2014-11-04Some 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...
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Richard Koo, Revitalizing the Eurozone without Fiscal Union, April 2012
2012-05-18 -
7d) Richard Koo’s and other Sector Balances
2014-05-18 -
How Long Will the U.S. Recovery Last? A Reminder: The False Japanese Recovery in 1998/1999
2014-02-15 -
Richard Koo: Balance Sheet Recessions
2012-12-30 -
Balance Sheet Recession becomes mainstream, four years too late
2014-05-18 -
Cultural Reasons for Japan’s Deflation: Can the U.S. Go into a Balance Sheet Recession?
2014-04-20