- We can never exclude any measure on interest rates
- We have discussed many options
- Negative rates have side effects
- We set monetary policy, don’t have a goal for exchange rate
- Have not changed policy implementation with rates at 0% (Tschudin)
- Swiss banks can continue to operate at 0% rates (Martin)
He’s trying to sound like they’re not that desperate yet to resort to negative rates. But the fact that he also notes that they won’t rule out such an option is a giveaway that they are being forced down that path if things continue this way in the months ahead.
This article was written by Justin Low at www.forexlive.com.