UK bank bosses demand policy stability ahead of critical budget

The Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. The SNB remains willing to be active in the foreign exchange market as necessary. Inflationary pressure is virtually unchanged compared to the previous quarter. Monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability. Inflation has increased slightly since the last monetary policy assessment. It rose from -0.1% in May to 0.2% in August. This increase was mainly attributable to higher inflation in tourism and on imported goods. Inflationary pressure has barely changed compared to June. While inflation is likely to be slightly higher in the short term, in the medium term the conditional inflation forecast remains unchanged. The forecast is within the range of price stability over the entire forecast horizon (cf. chart). As in the previous quarter, it puts average annual inflation at 0.2% for 2025, 0.5% for 2026 and 0.7% for 2027 (cf. table). The forecast is based on the assumption that the SNB policy rate is 0% over the entire forecast horizon. Global economic grow SWISS NATIONAL BANK: GLOBAL ECONOMIC GROWTH SLOWED SOMEWHAT IN THE FIRST HALF OF 2025 GLOBAL ECONOMIC DEVELOPMENTS ARE BEING DAMPENED BY US TARIFFS AND ONGOING HIGH UNCERTAINTY SNB ANTICIPATES THAT GROWTH IN THE GLOBAL ECONOMY WILL BE SUBDUED OVER THE COMING QUARTERS…

Good afternoon. Thank you, Spence, for that kind introduction. It’s wonderful to be here today. I am honored to be speaking with a wide array of audiences—the participants of the 35th Annual Spencer Fox Eccles Convocation, members of the Utah Chapter of the National Association of Corporate Directors, and members of the broader Salt Lake community. Thank you so much for having me. I last visited Utah back in April. The new Administration had begun to provide early details of its policy initiatives, and businesses, households, and communities were working hard to understand their impacts. Uncertainty was a common refrain. Worries about paralysis, stagnation, even recession dominated the news. The national conversation had shifted from confidence to concern.1 Then I landed in Salt Lake. Driving through town, I saw activity. Lots of it. Full parking lots, busy retail outlets, and, most notably, construction cranes. Cranes tell us a lot. It’s expensive to put up cranes and to keep them working. Businesses only do it when they see promise in the future. Active cranes, and more being assembled, meant that people were adapting, planning, and continuing to move forward. The world had changed, uncertainty had risen, but it did not mean stasis—at least not here in Utah. That dynamic, the ability to move forward even when things are evolving, is the topic of my remarks today. How to steadily keep moving in the face of change. But before I go further, I want t FED'S DALY: FURTHER POLICY ADJUSTMENTS LIKELY WILL BE NEEDED AS FED WORKS TO RESTORE PRICE STABILITY, PROVIDE NEEDED SUPPORT TO LABOR MARKET FULLY SUPPORTED FED'S QUARTER-POINT RATE CUT LAST WEEK RISKS TO THE ECONOMY HAD SHIFTED, IT WAS TIME TO ACT FED'S RATE-PATH…

Real gross domestic product (GDP) increased at an annual rate of 3.8 percent in the second quarter of 2025 (April, May, and June), according to the third estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP decreased 0.6 percent (revised). The increase in real GDP in the second quarter primarily reflected a decrease in ...