Since the publication of the last Financial Stability Report in June 2024, economic and financial conditions relevant for the Swiss financial sector have deteriorated, in particular as a result of tensions in international trade and the associated uncertainty. Overall, global economic growth has been moderate, with quite solid growth in the US and China, and moderate growth in the euro area and Switzerland. Inflation still lies above central banks’ targets in many advanced economies and long-term interest rates remain at relatively high levels. By contrast, in Switzerland, both inflation and long-term interest rates ... (full story)