The Pentagon mulls suspending Spain from NATO - Sources

BREAKING: SNB Rates To Zero? SNB's Schlegel threatens negative rates, a "bigger step" than a normal cut, signaling extreme dovishness. The Fallout: • $SPX & $BTC : Risk-off pressure in Asia. Deeply negative rates suggest severe economic headwinds. • $CHF : Immediate selling…

Sánchez dismisses Pentagon email report on Spain-NATO suspension, stressing reliance on official positions

The world is going through a period of great uncertainty. As a central bank, we have to accept this as it is - and deal with the uncertainty. The past 25 years have seen several phases of great uncertainty. Nevertheless, the SNB has achieved its objective of price stability. The Swiss economy has also developed favourably overall. We were able to do so because three prerequisites for our work were met. The first is our institutional framework and, in particular, the independence of the SNB. Independence means that in conducting our monetary policy, we must not take instructions from the government, parliament or anybody else. Legislators gave us this independence for good reason, because an independent central bank is best able to fulfil its mandate. The counterbalance to independence is accountability, and the SNB reports comprehensively on how it fulfils its tasks. The second is our monetary policy strategy, which defines our long-term frame of reference. Our definition of price stability and the conditional inflation forecast form the core of this strategy. The conditional inflation forecast is our main indicator for monetary policy. It tells us whether price stability is being met in the medium term, and shows whether there will be a need for action in the future. It is therefore at the heart of our communications. Third, the contribution made by our employees is also central to the success of our monetary policy. Every day, they put SNB Chairman: We have unrestricted room to manoeuvre on policy rate, Forex interventions.