Return of Zero Interest Rate Policy as Swiss Central Bank Cuts Rates
A COVID-era feature that characterized the bull run in all corners of financial markets, including bitcoin BTC, has made a comeback in Switzerland, one of the most financial powerhouses of the world.
The Swiss National Bank (SNB) cut its interest rate to zero on Thursday, to counter falling inflation, appreciating Swiss franc (CHF) and economic uncertainty caused by President Donald Trump's trade war.
The return to zero comes as tariffs threaten to deflate nations with trade surplus, such as Switzerland and China.
The latest rate cut is bank's sixth straight move since it started reducing borrowing costs in March 2024.
The SNB's return to zero may be a sign of things to come across Europe and other advanced nations. A broad based return to zero interest rate policy (ZIRP) may bode well for bitcoin.
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Yahoo
an hour ago
- Yahoo
US government weighs selling 16M acres of land to build more housing — but critics call it ‘un-American'
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Owning a home has become increasingly out of reach for many Americans — especially in California. Now, the federal government is proposing a bold, controversial fix: selling off its own land. As part of President Donald Trump's proposed 'Big, Beautiful Bill,' the U.S. government is considering selling more than 16 million acres of federal land in California for housing development. Nationwide, The Wilderness Society says the bill would put more than 250 million acres of public land up for sale. Housing affordability has long been a challenge in the U.S. and many experts blame a fundamental shortage of supply. Federal Reserve Chair Jerome Powell underscored this last year at a press conference, stating, 'The real issue with housing is that we have had and are on track to continue to have, not enough housing.' He also pointed to the difficulty of finding and zoning land in desirable areas, asking, 'Where are we going to get the supply?' Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) A recent analysis indicates a shortfall of 3.8 million homes in America's housing supply. Selling federal land to build homes might ease that shortage — but not everyone is on board. 'The thought of the sale of public lands is pretty un-American,' Katie Hawkins, California program director for the nonprofit coalition Outdoor Alliance, told CBS News Sacramento. Even a Republican lawmaker is sounding the alarm. "It is so important that any decisions made regarding the acquisition or disposition of these lands be made only after significant and meaningful local input," Rep. Kevin Kiley (R-CA) recently told Congress. California has long been notorious for its sky-high cost of living — and housing is a major reason for that. According to data from real estate brokerage Redfin, the median sale price of a home in the U.S. was $441,738 in May 2025. In California, that figure jumped to $859,100 — nearly double the national median. That kind of price tag puts homeownership out of reach for many residents. A recent study found that U.S. buyers need an annual income of $213,447 to afford a typical home in the Golden State. But this affordability crisis isn't limited to California. Home prices across the country have soared. Over the past five years, Redfin data show the median U.S. home price has surged by 48%. Despite elevated prices, real estate remains one of the most sought-after assets — and for good reason. It's a tangible, income-generating investment that has historically held its value during periods of inflation. When inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts with inflation. Investing legend Warren Buffett has long pointed to real estate as a prime example of a productive, income-generating asset. In 2022, he famously said at an annual shareholders meeting that if you offered him '1% of all the apartment houses in the country' for $25 billion, he would 'write you a check.' Read more: Rich, young Americans are ditching the stormy stock market — Why? Because no matter what's happening in the broader economy, people still need a place to live and apartments can consistently produce rental income. The good news? 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CNN
an hour ago
- CNN
Week Two of the Iran Crisis: Diplomatic offramp is narrowing but not closed (yet)
As we approach Day 10 of the Israel-Iran crisis, the focus is on whether diplomacy can succeed and, if not, whether President Donald Trump will make the decision to use US military force to destroy what's left of Iran's nuclear infrastructure — particularly the deeply buried enrichment facility known as Fordow. The situation as of Saturday, two days after President Trump gave two weeks to test diplomacy, appeared to have reached a steady state. This includes Israel's control of Iranian skies and striking targets at will, as well as Iran still being able to launch missile barrages albeit in smaller numbers at Israel. Militarily, this equation ultimately favors Israel, whose position is likely strengthening further this week. But that is a tactical equation and does not lead to a clear strategic endgame, particularly with respect to Iran's nuclear program. So where is this crisis headed? I see four possible scenarios: This remains the preferred outcome. But after this week's talks in Geneva between Iran and European allies, it's not trending well. Those talks went nowhere. Iran held to its positions from before the crisis. The US was not present. And the entire backdrop — the Intercontinental Hotel in Geneva, where the JCPOA was negotiated ten years ago — was reminiscent of another era. There may be more direct engagements ongoing with United States and Iran (likely through Qataris and Omanis) but short of that, the diplomatic track has no real traction. This is unfortunate, as it's the best way to end the crisis — and all Iran needs to do is signal to Trump's envoy, Steve Witkoff, that it is prepared to agree to the proposal he presented to Iran about six weeks ago. That proposal is reportedly a balanced one, resulting in Iran giving up its enrichment program but over time and as part of an international consortium to supply nuclear fuel for a peaceful and monitored civilian-nuclear program. Iran's refusal to engage directly on this proposal both before the crisis and especially now may be a fatal and fateful mistake. If there is one off-ramp available, it's this one. The US is continuing to position military assets in the Middle East and will soon have three Carrier Strike Groups in the theater. This is a massive show of force, and has not been seen since 2012, notably at another point of stalled diplomacy with Iran on its nuclear program and with Iran threatening to close the Strait of Hormuz in response to American sanctions. Trump has clearly given the order to position and prepare for a strike. That can help reinforce the diplomacy as Iran must know at the end of the two-week deadline, the United States is prepared to use force to render Fordow inoperable, and Iran has no chance of defending against such an operation. The more the United States appears to be gearing up for such an operation, the more likely Iran might be ready in the end to make a deal the US can accept. As Anderson Cooper and I discussed shortly after Trump declared a two-week timeframe, 'diplomacy with a deadline' can be effective and the buildup of military forces serves the dual purpose of reinforcing the diplomatic track while also preparing for a strike should diplomacy fail. At the end of this period, Iran must understand that it will not have enrichment facilities – currently, ten cascades of highly advanced centrifuges – at Fordow. That can be archived diplomatically (preferred) or militarily. While Trump has ordered the positioning for a strike, it's unclear whether he might in the end order one. Israeli Prime Minister Benjamin Netanyahu said on Friday that Israel may have ways to take out Fordow without the United States. That might look like 'Operation Many Ways,' which I've discussed this past week on AC360. Operation Many Ways was an Israeli commando raid last September against a deeply buried Iranian missile facility in Syria. The facility was nearly the same depth as Fordow and naming the operation 'Many Ways' was a signal to Iran that Israel has just that when it comes to destroying deeply buried facilities. Related video Watch: CNN investigates Israel's strikes on key Iranian officials — and their civilian toll I'm doubtful as to the feasibility of such an operation in Iran, however. It's high risk and a vast distance. A nuclear enrichment site is also far different from a missile facility. But no doubt the Israelis are looking at all options here and they don't want to complete the military campaign with the Fordow facility intact. So if the Americans stay on the sidelines, expect the Israelis to try something on their own on Fordow. In the wake of either of 2 or 3 above, I believe Israel could declare the end of major operations. Iran would respond, but from an Israeli and US perspective there would be an endpoint once Fordow is dismantled together with the other main nuclear facilities at Natanz and Isfahan, which are already damaged. Short of the three options laid out above, the most likely course is the crisis simply goes on. That would mean Israel continues to control Iran's airspace. It continues to strike targets. Iran continues to muster barrages at times, but its missile stockpile (and launchers will deplete). This scenario is an inconclusive end with Iran still having massive enrichment capabilities but Israel hovering over Iran to ensure they're never used, as fledgling diplomacy continues in the background. My Assessment: I think at this stage we're most likely to see either option 2 or option 4 even while continuing to do all we can to push for option 1 — the diplomatic resolution. So, given that the preferred endgame is diplomacy, yet with talks going nowhere, how might diplomacy be invigorated over the coming week? First, the United States should make clear the two-week deadline is real and that if Iran refuses to engage constructively, then a strike will be the inevitable result of Iran's own poor choices. That deadline together with a credible offer to Iran — which has been on the table since before the crisis — remains the best possible chance for a diplomatic offramp. Second, is a more creative possibility. Sometimes in a crisis, you want to enlarge the problem set, and here – that means Gaza. The Gaza conflict is ongoing in the background of the Iran crisis. There is now a deal on the table backed by Israel for a 60-day ceasefire in Gaza in exchange for Hamas releasing half the living hostages (10 of 20). Hamas has rejected that deal, but it did so before Israel's attack into Iran and the removal of many of its Iranian backers, such as the leaders of the Islamic Revolutionary Guards Corps. In my experience with Hamas, it can be far more flexible when its allies have suffered defeats, as happened with the Gaza ceasefire deal earlier this year following Israel's defeat of Hezbollah in Lebanon and a subsequent ceasefire deal in Lebanon. Thus, one idea might be the 60-day ceasefire in Gaza together with a 60-day freeze on enrichment in Iran with an aim to find more permanent solutions at the end of this two-month period. Israel is in such a position of strength it might be amenable to this and the U.S. could help broker it as a means for defusing the broader Middle East crises and in a manner that does not allow Iran or Hamas to regroup. After all, the fastest way to end the horror in Gaza is for Hamas to release just ten hostages, and the fastest way to end the crisis with Iran is for Iran to accept the deal that Witkoff proposed earlier this year. There may be merit in trying these together, particularly as both Iran and Hamas are in their weakest state in years. At bottom, President Trump has bought some time and space with his 'two-week' deadline, together with a preference for a diplomatic resolution. But now three days into that two-week period, there appears to be little momentum on the diplomatic track even as U.S. forces continue their massive buildup in the region.
CNN
an hour ago
- CNN
Week Two of the Iran Crisis: Diplomatic offramp is narrowing but not closed (yet)
As we approach Day 10 of the Israel-Iran crisis, the focus is on whether diplomacy can succeed and, if not, whether President Donald Trump will make the decision to use US military force to destroy what's left of Iran's nuclear infrastructure — particularly the deeply buried enrichment facility known as Fordow. The situation as of Saturday, two days after President Trump gave two weeks to test diplomacy, appeared to have reached a steady state. This includes Israel's control of Iranian skies and striking targets at will, as well as Iran still being able to launch missile barrages albeit in smaller numbers at Israel. Militarily, this equation ultimately favors Israel, whose position is likely strengthening further this week. But that is a tactical equation and does not lead to a clear strategic endgame, particularly with respect to Iran's nuclear program. So where is this crisis headed? I see four possible scenarios: This remains the preferred outcome. But after this week's talks in Geneva between Iran and European allies, it's not trending well. Those talks went nowhere. Iran held to its positions from before the crisis. The US was not present. And the entire backdrop — the Intercontinental Hotel in Geneva, where the JCPOA was negotiated ten years ago — was reminiscent of another era. There may be more direct engagements ongoing with United States and Iran (likely through Qataris and Omanis) but short of that, the diplomatic track has no real traction. This is unfortunate, as it's the best way to end the crisis — and all Iran needs to do is signal to Trump's envoy, Steve Witkoff, that it is prepared to agree to the proposal he presented to Iran about six weeks ago. That proposal is reportedly a balanced one, resulting in Iran giving up its enrichment program but over time and as part of an international consortium to supply nuclear fuel for a peaceful and monitored civilian-nuclear program. Iran's refusal to engage directly on this proposal both before the crisis and especially now may be a fatal and fateful mistake. If there is one off-ramp available, it's this one. The US is continuing to position military assets in the Middle East and will soon have three Carrier Strike Groups in the theater. This is a massive show of force, and has not been seen since 2012, notably at another point of stalled diplomacy with Iran on its nuclear program and with Iran threatening to close the Strait of Hormuz in response to American sanctions. Trump has clearly given the order to position and prepare for a strike. That can help reinforce the diplomacy as Iran must know at the end of the two-week deadline, the United States is prepared to use force to render Fordow inoperable, and Iran has no chance of defending against such an operation. The more the United States appears to be gearing up for such an operation, the more likely Iran might be ready in the end to make a deal the US can accept. As Anderson Cooper and I discussed shortly after Trump declared a two-week timeframe, 'diplomacy with a deadline' can be effective and the buildup of military forces serves the dual purpose of reinforcing the diplomatic track while also preparing for a strike should diplomacy fail. At the end of this period, Iran must understand that it will not have enrichment facilities – currently, ten cascades of highly advanced centrifuges – at Fordow. That can be archived diplomatically (preferred) or militarily. While Trump has ordered the positioning for a strike, it's unclear whether he might in the end order one. Israeli Prime Minister Benjamin Netanyahu said on Friday that Israel may have ways to take out Fordow without the United States. That might look like 'Operation Many Ways,' which I've discussed this past week on AC360. Operation Many Ways was an Israeli commando raid last September against a deeply buried Iranian missile facility in Syria. The facility was nearly the same depth as Fordow and naming the operation 'Many Ways' was a signal to Iran that Israel has just that when it comes to destroying deeply buried facilities. Related video Watch: CNN investigates Israel's strikes on key Iranian officials — and their civilian toll I'm doubtful as to the feasibility of such an operation in Iran, however. It's high risk and a vast distance. A nuclear enrichment site is also far different from a missile facility. But no doubt the Israelis are looking at all options here and they don't want to complete the military campaign with the Fordow facility intact. So if the Americans stay on the sidelines, expect the Israelis to try something on their own on Fordow. In the wake of either of 2 or 3 above, I believe Israel could declare the end of major operations. Iran would respond, but from an Israeli and US perspective there would be an endpoint once Fordow is dismantled together with the other main nuclear facilities at Natanz and Isfahan, which are already damaged. Short of the three options laid out above, the most likely course is the crisis simply goes on. That would mean Israel continues to control Iran's airspace. It continues to strike targets. Iran continues to muster barrages at times, but its missile stockpile (and launchers will deplete). This scenario is an inconclusive end with Iran still having massive enrichment capabilities but Israel hovering over Iran to ensure they're never used, as fledgling diplomacy continues in the background. My Assessment: I think at this stage we're most likely to see either option 2 or option 4 even while continuing to do all we can to push for option 1 — the diplomatic resolution. So, given that the preferred endgame is diplomacy, yet with talks going nowhere, how might diplomacy be invigorated over the coming week? First, the United States should make clear the two-week deadline is real and that if Iran refuses to engage constructively, then a strike will be the inevitable result of Iran's own poor choices. That deadline together with a credible offer to Iran — which has been on the table since before the crisis — remains the best possible chance for a diplomatic offramp. Second, is a more creative possibility. Sometimes in a crisis, you want to enlarge the problem set, and here – that means Gaza. The Gaza conflict is ongoing in the background of the Iran crisis. There is now a deal on the table backed by Israel for a 60-day ceasefire in Gaza in exchange for Hamas releasing half the living hostages (10 of 20). Hamas has rejected that deal, but it did so before Israel's attack into Iran and the removal of many of its Iranian backers, such as the leaders of the Islamic Revolutionary Guards Corps. In my experience with Hamas, it can be far more flexible when its allies have suffered defeats, as happened with the Gaza ceasefire deal earlier this year following Israel's defeat of Hezbollah in Lebanon and a subsequent ceasefire deal in Lebanon. Thus, one idea might be the 60-day ceasefire in Gaza together with a 60-day freeze on enrichment in Iran with an aim to find more permanent solutions at the end of this two-month period. Israel is in such a position of strength it might be amenable to this and the U.S. could help broker it as a means for defusing the broader Middle East crises and in a manner that does not allow Iran or Hamas to regroup. After all, the fastest way to end the horror in Gaza is for Hamas to release just ten hostages, and the fastest way to end the crisis with Iran is for Iran to accept the deal that Witkoff proposed earlier this year. There may be merit in trying these together, particularly as both Iran and Hamas are in their weakest state in years. At bottom, President Trump has bought some time and space with his 'two-week' deadline, together with a preference for a diplomatic resolution. But now three days into that two-week period, there appears to be little momentum on the diplomatic track even as U.S. forces continue their massive buildup in the region.
