Tag Archives: Swiss National Bank

Macroview Stronger-than-forecast growth means the central bank is unlikely to alter monetary policy this month Swiss real GDP growth data surprised on the upside in Q2, expanding by 0.6% q-o-q (and 2.5% q-o-q annualised). In addition, growth in the three previous quarters was revised significantly higher. As a result, our GDP growth forecast for growth in Switzerland rises mechanically from 0.9% to 1.5% for 2016.GDP breakdown by expenditure component was less upbeat than the headline number...

Submitted by David Stockman via Contra Corner blog, The central banks have gone so far off the deep-end with financial price manipulation that it is only a matter of time before some astute politician comes after them with all barrels blasting. As a matter of fact, that appears to be exactly what Donald Trump unloaded on bubble vision this morning:  By keeping interest rates low, the Fed has created a “false stock...

Submitted by Nicole Foss via The Automatic Earth blog, Part 1 Here. History teaches us that central authorities dislike escape routes, at least for the majority, and are therefore prone to closing them, so that control of a limited money supply can remain in the hands of the very few. In the 1930s, gold was the escape route, so gold was confiscated. As Alan Greenspan wrote in 1966: In the absence of the gold...

On a new website, Aleksander Berentsen rejects the Swiss Vollgeld initiative. As an alternative, he suggests the Swiss National Bank should offer transaction accounts for everybody, in line with proposals I have made earlier (see here (2016), here (2015), here (2015)). In the Handelszeitung (here and here), Simon Schmid reports.

On a new website, Aleksander Berentsen rejects the Swiss Vollgeld initiative. As an alternative, he suggests the Swiss National Bank should offer transaction accounts for everybody, in line with proposals I have made earlier (see here (2016), here (2015), here (2015)). In the Handelszeitung (here and here), Simon Schmid reports....

Last weekend, when we reported that Germany’s Raiffeisenbank Gmund am Tegernsee – a community bank in southern Germany – said it would start charging retail clients a fee of 0.4% on deposits of more than €100,000 we said that “now that a German banks has finally breached the retail depositor NIRP barrier, expect many more banks to follow.” Not even a week later, not one but two large banks have done just that....

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...

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...

But in the medium to long term, Swiss growth will depend on the terms of the UK’s exit from the EU While it is outside the EU, Switzerland is not immune to external shocks such as Brexit. The transmission channels are multiple (direct trade exposure, financial markets, confidence effect, political agenda…). That said, while the Swiss economy is mainly an export economy, its exposure to the UK is limited. Exports of goods to the UK represent 6% of total Swiss exports, for example, and half...

There was a reason why we warned readers two days ago that "The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result": simply enough, it was to facilitate an immediate response when a worst-cased Brexit vote hit. And that is precisely what has happened today in the aftermath of the historic British decision to exit the EU. It started, as one would expect, with Mark Carney who said the Bank of England is ready to pump billions of pounds into the financial...