Economics
SNB’s Furious Crisis Response Is Happening Behind the Scenes
- Central bank has ramped up currency interventions in 2020
- Economists expect SNB to keep its policy rate at -0.75%
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The Swiss National Bank looks like an oasis of calm compared with other central banks, but behind the scenes it’s been waging a furious battle with investors.
Unlike in the U.S. and the euro area, President Thomas Jordan and his colleagues haven’t responded to the shock of the coronavirus by cutting interest rates or conjuring up new emergency asset programs. Their policy rate has been unchanged, and will probably stay at -0.75% this week.