Excellent breakdown of operational effectiveness across rate regimes. The 4-5 basis point median spreads in both directions is surprisingly tight, especially considering the transition from negative to positive rates. Most central banks struggle more with assymetric control depending on whether they're pushing rates up or dwon. The SNB's consistency here suggests their floor/ceiling system mechanics really work as designed.
Yes, I think they do a very good job. I also appreciate the effort the SNB has made, through its Economic Notes, to explain how the system is intended to work, despite the complexity of these issues.
Excellent breakdown of operational effectiveness across rate regimes. The 4-5 basis point median spreads in both directions is surprisingly tight, especially considering the transition from negative to positive rates. Most central banks struggle more with assymetric control depending on whether they're pushing rates up or dwon. The SNB's consistency here suggests their floor/ceiling system mechanics really work as designed.
Yes, I think they do a very good job. I also appreciate the effort the SNB has made, through its Economic Notes, to explain how the system is intended to work, despite the complexity of these issues.