Heterodox
We show the two phases or "two innings" of Swiss franc appreciation: The risk aversion game and the inflation game. With the weakening of emerging markets and the strengthening of the United States in 2013/2014, the Swiss National Bank (SNB) had won the first battle in the war against financial market, the "risk aversion game", the first inning in two-part match. Risk aversion is lower because the United States recovered with weaker oil prices. The "inflation game" started earlier than we...
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