SNB & CHF

Dieser Artikel ist bereits am 23. März 2022 bei Mises.org unter dem Titel erschienen «The Statist ‘Sollution’ Really Is a Non Sequitur». Übersetzt von Johannes Beifuss. Ein Non sequitur ist ein grundlegender, aber häufiger logischer Fehlschluss, der auftritt, wenn eine vermeintliche Schlussfolgerung nicht zwingend aus der vorherigen Argumentation folgt. Im Lateinischen bedeutet der Ausdruck «non sequitur» wörtlich «es folgt nicht». Ein Non sequitur ist einfach eine...

The week ahead has a relatively light economic schedule, punctuated by the US Thanksgiving Day holiday on November 24. Nevertheless, the data highlights include the preliminary November PMIs, Tokyo's November CPI, and the FOMC minutes from this month's meeting. The data is not the driver now; psychology is. The precise print, for example, of the eurozone and the UK's preliminary PMI will likely be of little consequence. The composite has fallen for six consecutive...

As mortgage rates have risen this year, the demand for home purchases has fallen. That has spelled trouble for the home construction business. Homebuilder confidence dropped for the 10th straight month in October. The decline in builder sentiment reflects what economist Ian Shepherdson describes as “housing … in free fall. So far, most of the hit is in sales volumes, but prices are now falling too, and they have a long way to go.” The University of Michigan’s index...

When you invest in gold or buy silver coins with GoldCore you are choosing to invest in an asset that has no counterparty risk. Sadly those who have been holding their bitcoin on the crypto exchange FTX, have not experienced the same level of reassurance and service from the exchange’s management. This event is all part of a much wider lesson about which assets really are safe havens. Also how to reduce the level of counterparty risk your investment portfolio is...

Responding to the market response to last week's CPI, the Fed's most aggressive members came out in full force to reignite hawkism. It didn't go so well, not finding many takers and by the end of the week another crucial curve turned against them. History has a lot of the answers here. Eurodollar University's Money & Macro Analysis Twitter: https://twitter.com/JeffSnider_AIP https://www.eurodollar.university https://www.marketsinsiderpro.com https://www.PortfolioShield.net...

© Eugenesergeev | Dreamstime.com On 16 November 2022, Switzerland’s federal government announced the sums that will be transferred between the nation’s statelets or cantons in 2023, a mechanism aimed at ensuring wealthy cantons support those with weaker economies. In 2023, CHF 5.6 billion will be transferred, a sum CHF 290 million greater than in 2022 (+5%). The total sum is equivalent to less than 1% of Swiss GDP. Under the national financial equalisation mechanism,...

Ladies and gentlemen It is with great pleasure that my colleague Thomas Moser and I welcome you to this year’s Swiss National Bank (SNB) Money Market Event in Geneva. We are very glad that so many of you have joined us this evening, be it on site or remotely. Since we last met in this setting a year ago, fighting inflation has become the most important task for central banks worldwide. Many countries have experienced a surge in inflation, the scale and pace of which...

Overview: The capital markets are heading into the weekend mostly quietly in a consolidative fashion.  Ambiguous signals from yesterday’s US equities saw a narrowly mixed performance among the large Asia Pacific bourses, but of note, Hong and China markets saw this week’s gains trimmed. Europe’s Stoxx 600 is up around 1% near midday and is slightly above last week’s close.  US equity futures are trading with a firmer bias ahead of a large expiration of equity...

In the 3rd quarter of 2022, the number of employed persons in Switzerland increased by 0.8% compared with the same quarter of 2021 and the number of actual hours worked per week, per employed person, increased by 2.0%. During the same period, the unemployment rate as defined by the International Labour Organization (ILO) fell from 5.1% to 4.3% in Switzerland and from 6.7% to 6.0% in the EU. These are some of the results of the Swiss Labour Force Survey (SLFS)...

We do not like Purchasing Power or Real Effective Exchange Rate (REER) as measurement for currencies. For us, the trade balance decides if a currency is overvalued. Only the trade balance can express productivity gains, while the REER assumes constant productivity in comparison to trade partners. Who has read Michael Pettis, knows that a rising trade surplus may also be caused by a higher savings rate while the trade partners decided to spend more. This is partially...