Canada retail trade, September 2025

Fed's Collins: September jobs data was mixed - CNBC Fed's Collins: September jobs report didn't change my view. FED'S COLLINS: INFLATION REMAINS ELEVATED FED'S COLLINS: MILDLY RESTRICTIVE MONETARY POLICY VERY APPROPRIATE RIGHT NOW FED'S COLLINS: HESTITANT TO THINK ABOUT NEXT POLICY MEETING FED'S COLLINS: IS 'HESITANT' TO GET TOO FAR AHEAD WITH RATE CUTS WHILE INFLATION STILL HIGH COLLINS: OVER TIME EXPECT TO LOWER RATES FURTHER

At its monetary policy assessment in September 2025, the Swiss National Bank decided to leave its policy rate at 0%. The SNB also indicated that it remains willing to be active in the foreign exchange market as necessary. The SNB makes monetary policy decisions, such as that taken in September, at its monetary policy assessments. These take place in March, June, September and December. Every decision is based on the SNB's mandate, which is to ensure price stability while taking due account of economic developments. The monetary policy strategy provides the framework for monetary policy decision-making. In it the SNB sets out its definition of price stability, namely an inflation rate of between 0% and 2%. The SNB seeks to keep inflation within the range consistent with price stability over the medium term. The monetary policy decision-making process is divided SNB's Chairman Schlegel: Ready to go negative on rates if necessary SNB's Gov. Schlegel: SNB policy is currently expansionary.

Thank you, Robin, and to the students, advisers, and others who are our guests today, welcome to the Federal Reserve. I'm glad I could be here this morning for these finals of the ...

Fed's Miran: Implications of yesterday's data 'obviously dovish'. Fed's Miran: I would vote for a 25-bps cut if my vote were a marginal vote MIRAN SAYS WE SHOULD BE FORECAST-DEPENDENT, NOT DATA-DEPENDENT MIRAN SAYS LABOR MARKET DATA NOT AS STRONG AS WE WOULD LIKE MIRAN SAYS FINANCIAL CONDITION THAT MATTERS MOST IS HOUSING

Thank you, Director Knotek, for the kind introduction. It is a pleasure to be with you today and to be back in Cleveland and the beautiful Fourth district. It is always a pleasure to visit the Federal Reserve Bank of Cleveland—and all the Reserve Banks. The hard work and dedication of Reserve Bank staff, leadership, and directors help ensure the economic well-being of communities across the country, including in Ohio, Pennsylvania, West Virginia, and Kentucky. One of the many important roles the Reserve Banks have is to be the connection between policymakers and families, workers, and businesses in every corner of the country. That allows us to be well-informed and to make the best decisions for the benefit of all Americans. I thank everyone here at the Cleveland Fed for their service. JEFFERSON: AI-RELATED STOCK GAINS UNLIKE DOT-COM BOOM LARGELY BECAUSE AI FIRMS HAVE ACTUAL EARNINGS JEFFERSON: TOO SOON TO KNOW HOW AI WILL IMPACT LABOR MARKET, INFLATION, MONETARY POLICY