Currency Wars and Other Lessons of the Shock Swiss Rate Move
Just when you thought this might finally be the year of rate normalization and a return to a more traditional financial landscape, the bizarro world of unconventional monetary policy got much more, well, bizarro.
Tom Buerkle
December 17, 2025
Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the central bank's rates announcement news conference in Bern, Switzerland, on Thursday, June 19, 2014. The Swiss National Bank pledged to keep defending its ceiling on the franc as the European Central Bank's stimulus campaign for the euro region sustains pressure on the haven currency. Photographer: Philipp Schmidli/Bloomberg *** Local Caption *** Thomas Jordan
Philipp Schmidli/Bloomberg
