Lies, lies, you’re tellin’ me that you’ll be true
Lies lies
That’s all I ever hear from you
Tears, Tears
I shed a million tears for you
Tears tears
And now you’re lovin’ someone new
Someday I am gonna be happy
But I don’t when just now
Lies, lies
A-breakin’ my heart
You think you are such a smart girl
And I’ll believe what you say
But who do you think you are girl?
To lead me on this way, hey!
Lies, lies
This song can be applied to so many policy makers: Draghi, Lagarde, Kuroda and, of course, Yellen. This week has brought interest rate policies from five central banks and the biggest impact was from the Fed as the market believes that the “dot plot” has thickened since the projections for “four is still in the park” has certainly left the rate increases stranded at SECOND. Today, three banks announced policy decisions. The Swiss National Bank left policy unchanged but noted it believed that the global economy was soft and as usual the Swiss franc was overvalued. The SNB reserves the privilege of intervening to weaken the FRANC whenever it deems it appropriate. The recent strength of the EURO and the stability of the EUR/CHF cross should keep the Swiss quiet but vigilant.