SNB & CHF

Overview:  Higher than expected US CPI for the third consecutive month drove US interest rates sharply higher and lifted the greenback broadly. The market appears to be catching its proverbial breath today, but the shallow consolidation suggests the moves are not over. The ECB meeting is likely to highlight the new divergence that has opened. The dollar has reached nearly JPY153.30, and although Japanese officials cautioned about the fx moves, intervention while...

Donald Trump last week said he opposes any national legislation on abortion, and said he supports state governments adopting their own policies. According to USA Today:  "Former President Donald Trump said individual states should choose their own abortion restrictions, avoiding talk of any kind of federal government ban and drawing criticism from Democrats and anti-abortion Republicans alike on a pivotal election issue. ...At the end of the day, this is all about...

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In June 2024, the Mises Institute will hold its next Mises Book Club, a program that promotes deep reading in Austrian economics.The reading for this book club will be one of Ludwig von Mises's most popular works: Economic Policy: Thoughts for Today and Tomorrow. This year marks the 45th anniversary of its publication.This work is one of the best introductions to the ideas of Ludwig von Mises. It is based on six lectures he gave in 1959, covering a wide array of...

The “racial equality” debates are characterized by evolving concepts and terminology in a constant search for better ways to express the ideals and values of the protagonists. The mantras of “diversity, equity, and inclusion” (DEI) are now under increasing attack as several states move to ban DEI programs. In search of an alternative conceptual foundation for their equality schemes, many liberals (both progressive and conservative) who wish to promote equality have...

The ongoing Israeli-Palestine conflict continues to captivate podcasters and listeners. So, Lex Friedman tapped into this interest by assembling a panel of experts to debate the issue. However, his decision to invite online personality Destiny as a commentator to defend Israel elicited criticisms, as Destiny is a college dropout who was parachuted to fame as a videogame streamer before becoming a political commentator.Since then, he has established a reputation for...

I recently attended the Austrian Economics Research Conference, which is held annually at the Mises Institute on the campus of Auburn University. After an inspiring day of presentations, I began my trek back to the Auburn University Hotel. As I made my way down the sidewalk, I found myself walking along a well-trodden dirt path. Soon enough I was back on the sidewalk, and I turned around, quickly realizing I had taken the “wrong” path. The correct one entailed taking...

Even Republican stalwarts like current Senate Minority Leader Mitch McConnell are starting to notice that something is shifting in the party. While McConnell announced recently that he would step down as Republican leader in the US Senate, in an interview last week he was adamant that he would continue to serve out his term in the Senate with one purpose in mind: “fighting back against the isolationist movement in my own party.”He sounds worried.What McConnell deems...

Overview: The dollar has been confined to narrow ranges ahead of the US CPI report. Given the backup of US rates and the stronger-than-expected jobs growth, the greenback's performance has been unimpressive. The Reserve Bank of New Zealand signaled that it was in no hurry to cut rates and it helped underpin the New Zealand dollar. Up about 0.2% today, it is leading the G10 currencies higher. Strong earnings from TSMC may have helped underpin the Taiwanese dollar...

Many Americans care about the dangers of mass immigration. Are they right to be concerned? In what follows, I’ll try to show that they are right. Immigration of elements hostile to American values does indeed pose a grave threat. But, if we are libertarians, don’t we have to defend “open borders”? I will argue that we don’t.One of the most obvious reasons mass immigration is a problem is its immense cost—hundreds of billions of dollars. A post from November 2023 that...