Syz the moment

A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians. The document means the investigating commission would hand over its files to the Swiss Federal Archives after a longer gap than the usual 30 years to ensure high levels of confidentiality apply to the investigation, which has generated huge public interest. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS in March. The investigation is only the fifth of its kind in the country's modern history and the committee of lawmakers conducting it has sweeping powers to call on the Swiss cabinet, finance ministry and other state bodies. "After the completion of the investigation, the files shall be handed over to the Federal Archives and shall be subject to an extended protection period of 50 years," the committee said in a strategy paper outlining its communication policy. Source: Reuters

The swissfranc rises to strongest against the dollar since 2015 after weaker than expected US inflation data. Source: HolgerZ, Bloomberg

The figures offer limited reassurance to officials who have already signaled further tightening is likely.
CPI YoY rose 1.7%, down from 2.2% the previous month, as energy costs fell. Underlying inflation, which strips out such volatile elements, also slowed to 1.8%. Source: BBG, Swiss statistics agency

The government expects inflation to be above the central bank’s target this year which reinforces a likely interest-rate hike next week. The SECO said consumer prices will rise 2.3% this year. That down from 2022’s 2.8%, and also slightly lower than a March prediction of 2.4%.
Source: Bloomberg, SECO