Frequent readers will know the Bank of International Settlements as not only the central banks' central bank and ultimate financial regulator, but also as the (not so) secretive group...
... which runs the world out of Conference Room E in the ominous circular tower block next to the Basel train station (strategically located to provide a quick and easy exit if things ever get heated), where the world's top central bankers meet every other month on Sunday evenings at 7pm to determine the fate of the world.
Others will recall the BIS as the employer of Benoit Gilson, the man who runs the BIS' trading desk and is in charge of both FX and gold, and who judging by his "green" light today, is likely quite busy.
Well, today the BIS also showed that while it may be immune to angry peasants revolting and demanding an overthrow of the monetary system, it is quite exposed to weaponized Chinese viruses, and on Monday, the FT reported that the Bank for International Settlements said a member of staff working at its Basel headquarters has tested positive for Covid-19. On Monday afternoon, the organisation reported that the individual had received medical treatment and was currently recovering at home.
A further nine staff members who had been working in close proximity to the infected employees had been told to to work from home temporarily.
News of the positive test came despite measures that BIS had put in place since the beginning of March. These, according to the FT, included cancelling or rescheduling all physical meetings due to take place in its offices, and having “almost all staff” work from home.
However, the institution said it had “rigorous business continuity measures in place” to ensure it can continue its normal operations.
For the monetary sake of the world, especially now that the Fed has no more credibility left, we certainly hope so. It also begs the question: is Benoit working from home?