On the SNB move yesterday

Brief Comment:
Always remember, investment management is the game of equilibrium and disequilibrium.
If an FX rate is destined to go somewhere, it will eventually get there, despite any policy wishes.
Policymaker wherewithal also has limits.


Links:

http://acrossthecurve.com/?p=19281
http://www.businessweek.com/articles/2015-01-15/heres-what-the-swiss-central-bank-just-did-and-why-its-such-a-shocker
http://www.bloomberg.com/news/2015-01-15/mayhem-erupts-on-trading-floors-after-snb-s-currency-shocker-.html
http://www.bloomberg.com/news/2015-01-15/franc-s-surge-ranks-among-largest-ever-in-foreign-exchange.html
http://www.bloomberg.com/news/2015-01-15/mild-mannered-jordan-hands-markets-seismic-surprise-in-cap-exit.html

WSJ

http://blogs.wsj.com/economics/2015/01/16/grand-central-swiss-franc-fallout-exposes-crack-in-post-crisis-regulatory-reforms/
http://www.wsj.com/articles/switzerland-scraps-currency-cap-1421320531
http://blogs.wsj.com/moneybeat/2015/01/15/on-switzerland-the-floor-and-losing-faith-in-central-banks/
http://www.wsj.com/articles/snb-shocks-bankers-and-markets-1421342951
http://blogs.wsj.com/economics/2015/01/15/10-takeaways-from-lagardes-swipe-at-the-swiss-national-bank/
http://blogs.wsj.com/moneybeat/2015/01/15/swiss-move-shows-central-bank-cant-operate-in-isolation/
http://www.wsj.com/articles/swiss-shock-tarnishes-central-banks-heard-on-the-street-1421341862
http://www.wsj.com/articles/swiss-franc-move-cripples-currency-brokers-1421371654
http://blogs.wsj.com/moneybeat/2015/01/16/a-franc-question-what-was-the-snb-thinking/
http://www.wsj.com/articles/after-defending-cap-central-bank-chief-scraps-it-1421380750
http://blogs.wsj.com/moneybeat/2015/01/16/why-swiss-bank-mortgage-pain-could-still-hurt-eastern-neighbors/