Jordan is really stringing this one out

  • SNB needs to stop longer term negative CPI
  • Negative rates have effect of normal rate cut
  • Should see effects of negative rate show before Jan 22nd
  • Does not expect negative rates to lift credit volumes in real-estate
  • Negative rates for retail savers are down to the banks decision
  • Negative rates make no sense for retail customers and doesn’t expect to see them
  • Expects LIBOR to become negative