Let me first pause to recognize the millions who are suffering the tragic consequences of Russia’s invasion of Ukraine. At the Federal Reserve, our monetary policy is guided by the dual mandate to promote maximum employment and stable prices. From that standpoint, the current picture is plain to see: The labor market is very strong, and inflation is much too high.
A lower level of interest rates for Swiss than for Danish instruments makes this advantageous, at any rate for as long as the Swiss franc does not strengthen excessively against the krone (slide 13). BIS Review 44/2007  7  The banks’ lending to households in Swiss francs has risen steadily since 2001 and today totals almost kr. 20 billion (slide 14).