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Tag Archives: SNB

Jim Grant Puzzled by the actions of the SNB

Retaken from Christoph Gisiger via Finanz und Wirtschaft, James Grant, Wall Street expert and editor of the investment newsletter «Grant’s Interest Rate Observer», warns of a crash in sovereign debt, is puzzled over the actions of the Swiss National Bank and bets on gold. From multi-billion bond buying programs to negative interest rates and probably soon helicopter money: Around the globe, central bankers are...

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L’argent des banques centrales finit dans les paradis fiscaux!

Nous savions que la crise avait laminé les finances des Etats, de l’économie publique et des familles. Jusque là rien de nouveau.Mais en finance, quand quelqu’un perd, il y a en général quelqu’un d’autre qui gagne la même somme et peut-être plus. A moins qu’il ne s’agisse de billets physiques que l’on flambe, c’est comme ça. Nous allons donc nous intéresser aux grands gagnants de la crise financière. S’il y en a...

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SNB verteilt Bussenzettel über 1,5 Milliarden pro Jahr

Am 15. Januar 2015 hat die Schweizerische Nationalbank (SNB) erstmals Negativzinsen anstelle des Mindestkurses eingeführ. Unmittelbar danach stürzte der Euro um 20 Prozent ab und erholte sich seither auf knapp 1.10 zum Franken. Klarer und eindeutiger kann man nicht vordemonstriert bekommen, dass Negativzinsen den Euro nicht stärken, den Franken nicht schwächen. Negativzinsen bringen nichts – ausser Gewinne für die...

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Znacht mit Nobelpreisträger

Urs Birchler Mit den heute gekrönten Wirtschaftsnobelisten habe ich je schon einmal ein Nachtessen bestritten und war nachher beide Mal nudelfertig. Mit Bengt Holmström (in grösserer Ökonomen-Tischrunde des Studienzentrims Gerzensee) bewegte sich das Gespräch auf einer Reiseflughöhe und in einer Geschwindigkeit, dass mir schwindlig wurde.Noch schlimmer war es mit Oliver Hart (zu zweit ). Er ist ein derart interessierter Geist, dass er mich vom ersten Satz an ausfragte über die Schweiz, von...

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Something Strange Is Going On In Switzerland: “Is Someone Trying To Buy The Swiss National Bank”

By now it is well-known that as we profiled previously, one of the most ravenous buyers of US stocks in recent years, has been a central bank: the Swiss National Bank… Value of Swiss National Bank US Stocks Holdings(see more posts on Swiss National Bank, )Value of Swiss National Bank US Stocks Holdings - Click to enlarge … which has shown a particular appetite for AAPL stock: Swiss National Bank Top Holdings(see...

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Is Someone Trying To Buy The Swiss National Bank?

By now it is well-known that as we profiled previously, one of the most ravenous buyers of US stocks in recent years, has been a central bank: the Swiss National Bank… Value of Swiss National Bank US Stocks Holdings(see more posts on SNB Holdings, )Value of Swiss National Bank US Stocks Holdings - Click to enlarge … which has shown a particular appetite for AAPL stock: Swiss National Bank Top Holdings(see more...

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Swiss balance of payments and international investment position: Q2 2016

Overview In the second quarter of 2016, the current account surplus amounted to CHF 17 billion. This was CHF 3 billion less than in the year-back quarter, mainly due to a decline in the receipts surplus in primary income (labour and investment income). The receipts surplus in primary income was CHF 1 billion, compared to CHF 7 billion in the year-back quarter. By contrast, the second-quarter surplus of receipts from...

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Swiss National Bank’s U.S. equity holdings hit record $61.8 billion last quarter

Investec Switzerland. © Vividrange | Dreamstime.com The value of the Swiss National Bank’s U.S. stock portfolio jumped to a record in June, helped by equity market gains. The holdings climbed to $61.8 billion from $54.5 billion at the end of March, according to calculations by Bloomberg based on the central bank’s regulatory filing to the U.S. Securities and Exchange Commission and published on...

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SNB Intervenes during Brexit Turmoil

SNB interventions During the Brexit turmoil on Friday, the Swiss National Bank has intervened in markets. Just after they got into the office, at 7.45 am CET, they started the interventions. Apparently the Singapore office did not have a mandate to do interventions. The central bank drove the EUR/CHF price from a low of 1.0646 towards 1.08. FX traders might have moved it higher to 1.0850. We do not think that the...

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SNB’s Maechler on Negative Rates and our Critique

At the news conference of the Swiss National Bank, Andréa Maechler discusses the current situation of financial markets and the negative interest environment. She explains the recent Swiss experience with negative interest rates. Negative rates have the desired effect: It makes holding money on Swiss bank accounts less attractive. We see different issues with this explanation: Negative rates make only holding money on...

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