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2025-11-03 22:47:15
[UBS: Swiss National Bank Unlikely to Cut Rates Again] UBS economist Franziska Fischer noted in a report that the Swiss National Bank (SNB) is unlikely to cut interest rates again, as it anticipates no medium-term deflationary pressures. She stated, "Our interpretation is that the SNB currently views the inflation outlook as consistent with price stability and believes the impact of tariffs on economic growth will be moderate." Fischer pointed out that for the SNB to consider negative interest rates, a significantly weaker Swiss economic growth outlook, further rate cuts by the European Central Bank to narrow interest rate differentials, and a continued appreciation of the Swiss franc would be necessary—factors that, combined, would significantly worsen the medium-term inflation outlook. Switzerland's inflation rate fell slightly to 0.1% in October from 0.2% in September.
