SNBs Jordan
  • We take into account the higher inflation rates abroad when deciding monetary policy
  • We are ready to intervene in FX when necessary
  • Negative rates and currency interventions necessary for SNB to meet its mandate
  • Ready to act if inflation strengthens
  • SNB is not a hostage to other central banks, leads its own independent monetary policy

I just don't see how Switzerland and Japan avoid the inflationary forces that are hitting everywhere else in the world. When they make the pivot to rate hikes, it will be a mess.