- Planned US tariffs on certain pharma products could increase downside risk for the economy
- The SNB will continue to observe the situation and adjust monetary policy where necessary
- Inflation is expected to rise slightly in the coming quarters
- Economic uncertainties remain high
There's nothing new here from Schegel. 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.
