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The European Central Bank kept interest rates on hold today as the economic outlook worsens and Spain resists asking for a bailout that would open the door to ECB bond purchases.
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Pickup trucks lined a stretch of gravel road where 150 farmers mingled between 7-foot tall cornstalks and shimmering soybeans to see which of their wealthy brethren would bid on a swath of Iowa’s richest cropland. This was a farm -- table-flat and 314 acres -- so coveted that it drew three times the usual land-sale crowd.
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Swiss National Bank President Philipp Hildebrand may soon have room to raise borrowing costs for the first time in almost four years as the economy defies the franc’s surge.
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Swiss central bank Chairman Thomas Jordan said there’s currently no alternative to the franc ceiling, with policy makers ready to intervene “at any time.”
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The franc weakened after Swiss Central Bank Vice President Thomas Jordan said a temporary franc peg is within the range of options that policy makers could use to stem the currency’s record-breaking rally.
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The Swiss central bank kept borrowing costs close to zero and lowered its inflation forecast, signaling it’s in no rush to raise interest rates anytime soon.
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Swiss central bank interim chief Thomas Jordan said the bank will continue to enforce the limit of 1.20 francs per euro after temporary breaches of the ceiling raised doubts about its willingness to defend it.
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The Swiss central bank’s currency reserves fell for a second month in July, indicating the central bank may have started reducing its foreign-exchange holdings.
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The Swiss central bank today left its benchmark interest rate near zero as President Philipp Hildebrand said that policy makers are “concerned” about the franc’s surge.
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Switzerland’s economy grew at the slowest pace in more than two years in the third quarter as companies cut spending and exports slumped.
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