Strong words from the SNB
On December 10 we saw some interesting developments at the Swiss National Bank. Although announcing unchanged interest rates, in withdrawing its corporate bond purchase facility the central bank took its first step towards monetary policy normalisation.
By way of explanation, SNB chairman Jean-Pierre Roth commented: “Expansionary monetary policy cannot be maintained for the next three years because price stability will be compromised in the longer term.” However, perhaps the most talked-about
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