Swiss National Bank President Thomas Jordan spoke at the Federal Reserve’s annual Jackson Hole symposium on Saturday.

  • “Structural factors such as the transition to a greener economy, rising sovereign debt worldwide, the demographic transition and ultimately also the fact that globalization appears to have peaked -- at least temporarily -- could lead to persistently higher inflationary pressure in the coming years”
  • “There are signs that inflation is increasingly spreading to goods and services that are not directly affected by the pandemic or the war in Ukraine”
  • higher prices are being passed on more quickly
  • inflation expectations “have also been moving upwards slightly”
  • a decline in global economic integration could increase companies’ price-setting power, meaning that they would be able to push through price increases more easily

Info come via a gated Bloomberg article.


Jordan's comments are not aimed at only a Swiss context - these developments he cites are applicable across developed markets. Higehr rates for longer is getting cemented in.

SNB Jordan