Without using the words “quantitative ease”, SNB member Jordan says the bank could intervene beyond the money market if need as rates are practically near zero. A Swiss recession is almost unavoidable. He sees a contraction of 0.5-1.0% in 2009. Growth risks are to the downside, while inflation risks are balanced, he said, echoing the ECB. The rise in the Swiss franc an the global recession have hurt Switzerland, he continued.
EUR/CHF has bounced modestly from session lows and trades now at 1.4720, up from 1.4680 lows.
