Maechler: Return to positive interest rates: Why reserve tiering?
Ladies and gentlemen It is with great pleasure that my colleague Thomas Moser and I welcome you to this year’s Swiss National Bank (SNB) Money Market Event in Geneva. We are very glad that so many of you have joined us this evening, be it on site or remotely. Since we last met in this setting a year ago, fighting inflation has become the most important task for central banks worldwide. Many countries have experienced a surge in inflation, the scale and pace of which very few anticipated. A large part of this surge was due to ongoing disruptions to global supply chains caused by the coronavirus pandemic. Russia’s ... (full story)
SNB'S MAECHLER: INFLATION IS MORE PERSISTENT AND WIDESPREAD THAN PREVIOUSLY THOUGHT.— BTBMarkets (@BTBMarkets) November 17, 2022
SNB'S MAECHLER: THE FX-SWAP-MARKET TRANSMISSION IS NOT YET COMPLETE.— Breaking Market News (@financialjuice) November 17, 2022
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tweet at 11:14am: ECB'S LANE: WE ANTICIPATE A DECREASE IN INFLATION NEXT YEAR.Transcript of IMF podcast: Philip Lane on the Nature of Europe’s Double-Digit Inflation Bruce Edwards: So what's the difference between inflation in the US and inflation in Europe? Philip Lane: This is clearly mostly a supply shock in Europe, from this energy shock. The increase in energy prices in all the sectors that use energy as an input has led to this really extraordinary inflation rate of 10.7, double-digit inflation. Bruce Edwards: In today's episode, European Central Bank Chief Economist, Philip Lane, explains Europe's own special inflation conundrum, and what it means for governments and people there trying to stay afloat. Philip Lane: The most vulnerable groups do have to be supported, but the way to reconcile supporting those groups with maintaining, if you like, prudent public finances, is as far as possible, to make sure that the fiscal measures are targeted and contained. So targeted and temporary. Bruce Edwards: Philip Lane was invited to participate in the IM tweet at 11:16am: ECB'S LANE: WE'VE STATED THAT WE INTEND TO DO MORE ON RATES. tweet at 11:17am: ECB'S LANE: THE DOMINANT SOURCE OF INFLATION REMAINS THE ENERGY SHOCK.
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tweet at 1:42pm: SNB's Maechler: To Continue Rate Hikes If We See Inflation Projections Above Target tweet at 1:46pm: SNB'S MAECHLER: I'M FAIRLY PLEASED WITH WHERE SARON IS. tweet at 1:40pm: SNB'S MAECHLER: INFLATION IS NO LONGER BEING DRIVEN BY SHOCK. tweet at 1:46pm: SNB'S MAECHLER: IT IS IMPORTANT THAT WE KEEP OUR FOCUS ON ATTAINING PRICING STABILITY. tweet at 1:48pm: SNB'S MAECHLER: WE ARE WILLING TO ACT IN THE FOREIGN EXCHANGE MARKET BY PURCHASING OR SELLING AS NEEDED, BUT WE ARE NOT YET READY TO REDUCE OUR BALANCE SHEET.
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