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Global Dovish Pivot Takes Shape As SNB Cuts, BOE Hawks Give Up
The SNB's not waiting around.
Switzerland became the first G10 country to cut rates in the pandemic inflation era on Thursday, when the outgoing Thomas Jordan decided to get a jump on developed market peers, presumably in the interest of preempting unwanted franc appreciation. It's always about the currency with the SNB.
Franc strength was an asset during the inflation fight. As such, the SNB not only countenanced it, but worked to help it along, selling reserves to bolster the currency and th
Based on past observations, seems like markets are picking up on the nuance (signal) that you are outlining here. By the time rates are actually cut- it is likely that the market will have already moved up.