- US dollar is still absolutely the dominant currency.
- The Fed is central to international financial system; there is currently no alternative.
- Effect of tariffs on Switzerland is difficult to determine.
- Bar is high to go into negative interest rate territory, but will do it if really necessary.
- Absolutely crucial to preserve central bank independence.
The demise of the US dollar was greatly exagerated (once again). The world's financial system is basically US centred and even if the USD loses its crown in the future, it will take decades. There's a reason the Fed Chair is called the second most important person in the world.
In terms of Swiss monetary policy, the central bank is done with rate adjustments. They will need extremely strong reasons to go into negative territory.
