Bruce Krasting

The Curious Case of Missing Intervention

From your excellent description of the conditions for successful intervention can we conclude that the Swiss National Bank decision to go it alone and achieve next to nothing for their effort was (a) a mistake and (b) a poorly executed mistake?

I do not think that the CB's care all that much about a strong Yen. No coordinated intervention there. Same can be said about the Euro. The weak Euro is troubling but the benefits to exports dampens that concern.

The next round of coordinated intervention will take place only when the buck runs into trouble. That is not an issue today, but it will be before this year is over.

You are right. They will be back....