NIRP and commodities
Swiss CB overnight the first major to go to negative interest rates- they'll charge you to park money. Purpose is to continue the tough fight to keep the CHF down against the Euro as money flows in looking for a safe haven.
Second matter, seems to me if the Fed has telegraphed a raise that means the dollar is only going to get stronger and an emerging market currency crisis is coming soon as all the USD denominated debt becomes burdensome.
Two separate issues. Switz is small enough that it probably doesn't matter other than to remind everyone that central banks can and will do crazy stuff. But theoretically I guess if everyone went to NIRP then commodities would benefit because, why not hold them if you get charged for holding money? That's all theoretical anyway, and secondary.
The biggest fear is a spreading emerging market currency and debt crisis, which seems in the cards. I can't really find a reason why that is bullish commodities- never is when liquidity gets tight.