Latest News

SNB’s Jordan can’t rule out recession – Blick paper

SNB’s Jordan can’t rule out recession – Blick paper By Reuters

Breaking News


Economy 38 minutes ago (Sep 23, 2022 06:30)

© Reuters. Swiss National Bank (SNB) Chairman Thomas Jordan of the Swiss National Bank (SNB) addresses a news conference in Zurich, September 22, 2022. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – The Swiss National Bank does not think the Swiss economy will slide into recession but cannot rule the prospect out, SNB Chairman Thomas Jordan said in a newspaper interview published on Friday.

“We do not expect that at the moment. The Swiss economy should grow by 2% this year,” the Blick paper quoted him as saying. The SNB gave that forecast on Thursday when it hiked its policy rate by 75 basis points into positive territory.

“Next year, the situation could cloud over further. But there are a number of risks that could have a negative impact on economic growth. For example, if energy prices rise sharply again or if the economy abroad deteriorates. Or if the coronavirus situation worsens again,” he said.

“All of that would have a very negative impact. And then one could no longer completely rule out the possibility that the global economy, and thus also the Swiss economy, could slip into recession.”

Jordan said it was up to individual banks to decide what interest rates to offer to savers now that the SNB had ended the era of negative rates.

“But the banks compete with each other and depend on savers bringing their money to the bank, having their salary account there. In the medium term, this will also cause interest rates to rise on bank accounts,” he said.

SNB’s Jordan can’t rule out recession – Blick paper

Sri Lanka to unveil debt restructuring plan to creditorsBy Reuters – Sep 23, 2022

By Uditha Jayasinghe COLOMBO (Reuters) – Sri Lankan authorities will formally hold talks with international creditors on Friday to start the process of restructuring billions of…

Stocks slump to 2-year low as rates reality bitesBy Reuters – Sep 23, 2022

By Tom Westbrook SYDNEY (Reuters) – Stocks hit a two-year low on Friday and bonds eyed big weekly losses as the prospect of U.S. interest rates rising further and faster than…

Yen buoyant after intervention, dollar powers aheadBy Reuters – Sep 23, 2022

By Rae Wee SINGAPORE (Reuters) – The yen was heading on Friday to its first weekly gain in more than a month after Japanese authorities intervened in markets to support the yen…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

What's your reaction?

In Love
Not Sure

You may also like

More in:Latest News

Leave a reply

Your email address will not be published.