- Intervention is expensive if it causes serious inflation two or three years down the road
- The costs of intervention are not found on the balance sheet
I guess he is trying to downplay the tens of billions in market value lost by the SNB. Less simple to quantify is the impact on the economy. The implication is that intervention may have been a success despite the P&L loss… A hard sell to P&L -obsessed traders…
Markets remain very choppy with EUR/USD slumping into the 1.4170s just as quickly as it rallies to 1.4220.
