Thursday, March 12, 2009
Macro Man can feel the knee starting to straighten out already. He's been running long a bit of EUR/CHF as a hedge against his other (non-performing) positions, and for the first time his career, a central banks has intervened at exactly the right time and place for him.
Welcome to the wonderful world of QE, SNB-style:
For at least this afternoon, happy days are here again!
(Though whether Switzerland's trading partners agree is a different question.)