• US tariffs are damping global growth

He’s just repeating what he already said two weeks ago here. Again, the SNB is expected to remain on hold for a long time. They’ve already
said many times that the bar to go back to NIRP (negative interest rate
policy) is very high. They will need significant negative shocks to the
economy to go down that route.

As a reminder, the SNB forecasted nominal inflation rate to average 0.4% in Q4 2025. For the year, they see 0.2% in 2025, 0.5% in 2026 and 0.7% in 2027. The SNB’s target range is 0-2%.