We care a lot about the level of the Swiss franc.

If necessary, we continue to intervene in the forex market, this is crucial.

Negative rates and interventions, if necessary, to continue.

Normalization of global monetary policy is a positive.

Inflationary pressure in Switzerland is very low.

We look at overall exchange rate situation, not just one currency.

Believe inflation differential between Switzerland and US and Europe will narrow.

Think sovereign wealth fund using SNB assets is not a good idea.