SNB’s Jordan: Fiscal policy is central to combat the crisis

Following the Swiss Nation Bank (SNB) monetary policy announcement, Chairman Jordan is out on the wires now, addressing the post-policy press conference.

Key Quotes:

Fiscal policy is central to combat the crisis.

The situation cannot be tackled with monetary policy alone.

SNB stepped up FX intervention since the virus outbreak began.

Cutting rates is unfavourable at present.

We are not a currency manipulator.

We do not intervene to take advantage of other currencies.

Central banks around the world are in close contact.

But monetary policy alone cannot solve this crisis.

• USD/CHF holds steady near monthly tops, above 0.9700 mark post-SNB