• Looks at series of models to gauge Swiss francs value; market has to live with some volatility
  • no comment on currency intervention. We don’t rule anything out
  • monetary policy cannot influence explosion and prices in case of a severe shortage
  • the longer inflation last, the greater the risk of a 2nd round of facts having a negative impact
  • central banks need to watch out that fiscal policy does not dictate monetary policy

Meanwhile SNB’s Maechler is now joining in saying: