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BRIEF-Snb Chairman Interest Rate Differential Is An Important Driver Of The Exchange Rate

BY Reuters | ECONOMIC | 02:03 PM EDT

March 24 (Reuters) - Schweizerische Nationalbank :

* SNB CHAIRMAN: POLICY INTEREST RATE IS MAIN TOOL, BUT THERE ARE SITUATIONS WHERE FOREX INTERVENTIONS ARE MORE SUITABLE

* SNB CHAIRMAN: NEGATIVE INTEREST RATES WORKED IN THE PAST, BUT THEY HAD NEGATIVE SIDE EFFECTS

* SNB CHAIRMAN: WE ARE PREPARED TO INTRODUCE NEGATIVE RATES, BUT THE HURDLE TO LOWER RATES INTO NEGATIVE AREA IS HIGHER

* SNB CHAIRMAN: INTEREST RATE DIFFERENTIAL IS AN IMPORTANT DRIVER OF THE EXCHANGE RATE Source text: Further company coverage: (Reporting by John Revill)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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