Minutes from SNB

Pubblicato il 14 Giugno 2012 da Veronica Baker

  • Swiss National Bank Will Enforce Cap On Franc Of 1.20 Per Euro
  • SNB prepared to buy fx in unlimited quantities


  • SNB says franc is still high. Another appreciation in franc would have serious impact on both prices and the economy in Switzerland
  • SNB ready to take further measures at any time if necessary

Taxing Swiss franc accounts for non-residents ? Ridicolous, but possibile.

  • The imbalances in the Swiss residential morgage and real estate markets increased further last quarter

This is already a true bubble,but it will not burst anytime soon because there are a lot of foreign investors…

  • Surveys show no deflation expectations at present, also no danger of inflation

Perhaps true, until now.

  • SNB will continue to aim for 3-month libor at 0-0.25
  • SNB Sees 2012 growth at some +1.5% (prev forecast was close to 1%)
  • SNB expect significant slowdown in Swiss Q2 GDP growth

Growt too optimistic for 2012 , the recession has also arrived here…

Market reaction : absolutely nothing, no fireworks.

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