funnily enough, following the "CUT RATES NOW!" panic threads of yesterday
The Swiss National Bank announced a surprise cut to interest rates on Thursday in a sign of policymakers’ confidence over falling inflation.
The SNB reduced its headline rate by 25 basis points to 1.5 per cent, making it the first central bank of a major western industrialised country to do so in the current cycle, in which global inflation surged in the aftermath of the coronavirus pandemic.
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Better get in early with the party
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Might start talking to UBS about a UK residential mortgage market based on this carry trade.
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It's happened before.....
https://www.ft.com/content/42fbb16d-2ba9-3025-9aef-e6df5b07396a
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What that has got to do with most people in Britain is anyone's guess.
Just as the fineness of the sand in Dubai does, or the happiness of mountain goats in Tibet.
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Things are looking well frothy. S&P500 PE is about 29. Flip that over and that's an earnings yield of about 3.4%. Meanwhile you can get CPI+2.2% on inflation linked treasuries. That must be close to the smallest gap in the last 20 years or so.
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Oh the Swiss
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I like Toblerone and Milka.
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