- 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.
- Uncertainty about the future development of inflation remains elevated.
- The economy outlook for Switzerland also remains uncertain.
- The main risks for economy are still the development of US tariffs and global demand.
- Inflation forecast and the economic outlook support the case for not changing monetary policy.
- Economic outlook for Switzerland is subject to high risks, above all due to US trade policy.
- Hardly any signs of the negative effects of the tariffs spreading from the export-oriented industries affected to other parts of the economy.
- Full report here
Central banks’ meeting minutes are almost never a market-moving release because it’s old data. The market already knows pretty much everything the minutes contain and most of the time the minutes become stale by the time they are released because new data or events happen after the central bank meeting.
This article was written by Giuseppe Dellamotta at investinglive.com.
