SNB Chairman Schlegel: US tariffs could increase downside risks for the economy

October 22, 2025
-FXnews

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

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