| Swiss National Bank (SNB) Chairman Jordan maintained familiar rhetoric surrounding interest rates and the franc at the bank’s shareholder meeting on Friday. He continued to insist that the bank had not exhausted its policy options and would not hesitate to take unconventional steps in the face of a franc, which is still significantly overvalued.
Any action to cut rates further or intervene would be taken on the basis of costs and benefits over the short and longer term. The huge expansion of the SNB balance sheet remains an important issue for the bank, monetary policy and shareholders. Jordan rejected calls for Switzerland to set up a sovereign wealth fund to mange the foreign exchange reserves, which have increased, to CHF576bn...............................................Full Article: Source
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