SNB chairman says Fed independence 'important for the world'

Central Bank Independence - Central bank independence is crucial for controlling inflation, as emphasized by Swiss National Bank Chairman Martin Schlegel [1][2] - Schlegel highlighted that a central bank must be independent to fulfill its mandate of price stability, particularly in light of pressures from political figures [2][3] U.S. Federal Reserve Context - The U.S. Federal Reserve, led by Jerome Powell, is currently facing a criminal investigation related to the renovation of Fed buildings, which Powell views as an attempt to pressure the bank to cut interest rates [2][4] - Schlegel expressed the importance of the Fed not only for the U.S. but also for the global economy, noting that a lack of independence typically leads to higher inflation [3] Swiss Franc Performance - The Swiss franc appreciated nearly 14.5% against the dollar last year, marking its strongest annual performance since 2002, driven by global political turbulence and trade concerns [4] - Recent developments, including fears of a trade war and new tariffs proposed by the U.S. president, have contributed to the franc's rise, which gained 1.4% in the past week [4] SNB Asset Management - The appreciation of the Swiss franc reduces the value of the Swiss National Bank's dollar-denominated assets, which constitute about 36% of its total foreign currency reserves of 765 billion francs (approximately $966 billion) [5] - The SNB focuses on diversification across currencies and various instruments, including government bonds, corporate bonds, and equities, while continuously assessing its investment universe [6]