Is there a central bank out there that is ruling out rate hikes? Or even one that has a stated neutral bias?
- UBS acquisition of Credit Suisse prevented global financial crisis
- Effective public liquidity backstop is needed
- Emergency liquidity provided without collateral should not become regular part of SNB's instruments
- Faster and larger outflows are a new reality for banks
- We do not know how big is the impact of accumulated tightening so far
