SNB Chairman Thomas Jordan said yesterday, “you cannot say we have passed the zenith and now it is certainly heading lower. If it comes to a power shortage situation, to a complete gas shortage in Europe, then it cannot be excluded that inflation pressure rises again. You have to be very cautious.”
Jordan declined to comment on currency interventions. But he added, “at the moment it is rather so that given the inflationary pressure an appreciation of the franc tends to help rather than hurt.”
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