The second big surprise of the week came from the Swiss National Bank (SNB).
The second big surprise of the week came from the Swiss National Bank . The Swiss cut the interest rate by 25bp to 1.5% yesterday, in a surprise move and became the first major central bank to cut rates. The Swiss 10-year yield fell to 65bp and franc lost against the dollar and the euro.
The Fed – whose underlying economy doesn’t necessarily need a rate cut sounds dovish and the ECB – whose underlying economies need a rate cut – remains relatively hawkish. The data tells one story, the policymakers tell another and the prices move unpredictably. But not in the stock markets. There, everything is fine.
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