• Financial market situation was characterized by low volatility in the third quarter of 2025.
  • Signs of a cooling in the US labour market increased market expectations of a further easing of monetary policy in the US.
  • The governing board concluded that the current implementation of monetary policy was appropriate under various scenarios and should therefore be maintained.
  • US tariffs are likely to curb global trade and reduce the purchasing power of US households.
  • This could result in an appreciation of the Swiss Franc.
  • The increase in US tariffs is directly impacting only part of the economy.
  • The Franc was relatively stable against the Euro.
  • For the inflation forecast, large exchange rate movements are above all cited as a risk factor.
Source: Investing Live