SNB to stay the 1.20 course at any cost

Swiss National Bank interim head Thomas Jordan spoke at a luncheon of the Swiss American Chamber of Commerce in Geneva this afternoon, and he painted a fairly pessimistic view of the world economy with a forecast for a slowdown in Switzerland as well. It was the first major policy speech we’d heard from the bank since the resignation of Philipp Hildebrand last month, and he made it clear that SNB policy has not changed—including its intention to guard the 1.20 franc-to-euro floor at any cost. WRS’s Alex Helmick speaks with our reporter Jordan Davis who was there: