ICYMI: Swiss National Bank Chair Jordan ready “to intervene in FX market” if necessary

July 7, 2024 11:09 pm

Chairman of the Swiss National Bank (SNB) Thomas Jordan spoke on in an interview published on Friday by Le Temps.

Adam had the headlines.

ICYMI Jordan had pointed comments on the Swiss franc:

  • CHF can be significantly influenced by political “uncertainties” both within Europe and globally
  • “This is something we need to take into consideration” and “as we’ve already proven, we’re also ready to intervene on the foreign exchange market if necessary. Only if necessary.”

Yeah, they ain’t gonna intervene if its not necessary! D’uh.

Jordan also spoke on his inflation outlook, following the data last week from Switzerland:

  • Switzerland June CPI +1.3% vs +1.4% y/y expected
  • “All our models show inflation converging in the medium term at around 1% at constant exchange rates. The strength of the franc also reduces risk of inflation. It’s important to continue monitoring the situation, but for the moment it’s relatively comfortable.”

Jordan is finishing up at the Bank in September.

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