Is the Swiss National Bank the shadow performer behind the rise in U.S. long-term interest rates?

This month began with9month US employment data exceeding market expectations, causing U.S. long-term interest rates to surge and continuing the dollar strength. However, behind this rise in rates, the actions of the Swiss National Bank(as below, the Swiss National Bank)may be involved through its foreign exchange reserve operations. Here we explore that backdrop and the future direction of U.S. long-term interest rates.