SNB's Jordan & Co answering some questions after monetary policy meeting
- Says he never contemplated stepping down and was never asked to resign
Fritz Zurbruegg says that exiting the cap on the weekend could have caused a bigger move
Fair point but they would have had the time to massage the news over a weekend and been ready to help liquidity when markets did open. Instead they pulled the plug then hid under the desk until the dust settled
He adds that they based the timings of their actions on the highest market liquidity and the biggest number of market participants.
Fat lot of good that did :-D
