Sometime in the last five or six years, it was a wonder how the Swiss National Bank could ever get out of negative interest rates and fuel inflation in the economy – just like in Japan. Yet here we are now, where politicians have not only moved forward, but must actively step into the market to strengthen the Swiss franc. That last line is definitely something I would never have thought to write even at the beginning of the pandemic. The latest balance sheet data from the SNB show that the central bank sold 739 million Swiss francs of foreign currencies in the third quarter of 2022, an example of how their focus has shifted from containing and leveling the appreciation of the franc over the years to fight it this year’s inflation. . Of course, this also implies a change in their political attitude.