SNB & CHF

The “yield curve” refers to a graph showing the relationship between the maturity length of bonds—such as one month, three months, one year, five years, twenty years, etc.—plotted on the x axis, and the yield (or interest rate) plotted on the y axis.1 In the postwar era, a “normal” yield curve has been upward sloping, meaning that investors typically receive a higher rate of return if they are willing to put their funds into longer-dated bonds. A so-called inverted...

The Swiss National Bank has today published data on the annual financial statements of banks in Switzerland for the 2021 financial year. For the first time, the published data also comprises bank office data (Domestic office perspective) in addition to the data from individual financial statements (Parent company perspective) and consolidated financial statements (Group perspective). The Domestic office perspective shows data on the business of banks including their...

We welcome Travis Kimmel, AKA the Dollar Fatalist, the Wizard of Web1, the Crusher of Cryptocurrency dreams, and our favorite moniker, the illustrious BearLord, onto the Gold Exchange Podcast! Travis joins Keith to talk about Bitcoin acolytes’ underlying Marxist philosophy, interest rate hikes, balance sheets, and so much more. Listen in to hear what the famous BearLord thinks about whether a recession cometh, and why it’s insanity to hike rates in this market. This...

The covid-19 pandemic featured an unprecedented fusion of the interests of large and powerful corporations with the power of the state. Democratically elected politicians in many countries failed to represent the interests of their own citizens and uphold their own constitutions and charters of rights. Specifically, they supported lockdown measures, vaccine mandates, the suppression of a variety of early treatment options, the censorship of dissenting views,...

There would be some deliciously karmic justice in the “dumb money” driving a rally that forced the “smart money” to cover their shorts and chase the rally that shouldn’t even be happening. Being cursed with contrarianism, as soon as a trade gets crowded and the consensus is one way, I start looking for whatever is considered so unlikely that it’s essentially “impossible.” Sorry, I can’t help myself. The crowded trades are 1) long the Commodity Super-Cycle and 2) long...

On today’s episode I sit down with Jeff Snider. Jeff is the Head of Global Research at Alhambra Investments. He’s developed a working model for the global monetary system that is unlike anything else I’ve seen to date. The general thesis is that the Eurodollar system is working behind the scenes to soak up dollar liquidity, which results in a global dollar shortage. A lot of what you’ll hear today flies in the face of other narratives we discuss on this show, which is...

On today’s episode I sit down with Jeff Snider. Jeff is the Head of Global Research at Alhambra Investments. He’s developed a working model for the global monetary system that is unlike anything else I’ve seen to date. The general thesis is that the Eurodollar system is working behind the scenes to soak up dollar liquidity, which results in a global dollar shortage. A lot of what you’ll hear today flies in the face of other narratives we discuss on this show, which is...

Die Abwärtsbewegung des BTC-Preises wurde erst einmal gestoppt. Oberhalb von 20.000 US-Dollar kam es zur Stabilisierung des Kurses. Damit hat der Bitcoin dennoch im 10-Tages-Vergleich etwa 50 Prozent seines Wertes verloren. Allerdings kommt die Stabilisierung zu diesem Zeitpunkt überraschend. Bitcoin News: Bitcoin stabilisiert sich oberhalb von 20KIn den USA kündigten die Zentralbanken einen Anstieg der Zinsen an, den es in dieser Höhe zuletzt vor mehr als 30 Jahren...

In my remarks today, I will present the key findings from the new Financial Stability Report, published this morning by the Swiss National Bank. Economic environment In the period between the publication of the last Financial Stability Report and the end of 2021, economic and financial conditions for the Swiss banking system remained favourable. GDP has returned to, or even exceeded, pre-crisis levels in most countries and unemployment rates have receded globally....

Ladies and gentlemen It is my pleasure to welcome you to the Swiss National Bank’s news conference. In my remarks, I will begin by explaining our monetary policy decision and our assessment of the economic situation. After that, Fritz Zurbrügg will present the key messages from this year’s Financial Stability Report. Andréa Maechler will then comment on the situation on the financial markets and the implementation of monetary policy. We will – as ever – be pleased to...