A herd of wild central banks stormed across markets overnight – following The Fed’s uber-hawkish 75bps hike and dot-plot projections – sparking chaotic swings in everything from Yen to Gilts. Everyone hiked or held rates… except Turkey which cut!


BoJ kept its monetary policy unchanged, as expected, with rates at -0.10% and QQE with yield curve control maintained to target the 10yr JGB yield at around 0% through a unanimous decision.

Japanese Government and BoJ intervened in FX markets for the first time since 1998, according to the Japanese Vice Finance Minister – the government and the BoJ stepped into the market to buy JPY for USD.


SNB hikes its Policy Rate by 75bps to 0.5% as expected; willing to be active in FX market as necessary; further rate hikes cannot be ruled out; no CHF classification in release.

SNB Chair Jordan says SNB ready to intervene to prevent excessive weakening or strengthening of

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