SNB’s Tschudin: Economic situation for Switzerland has become considerably more uncertain

Swiss National Bank (SNB) governing board member Petra Tschudin is addressing the post-policy meeting press conference, explaining the decision behind the 25 basis points (bps) interest rate cut to 0%.

Key quotes

Higher US tariffs will likely curb global trade.

Global economic outlook has deteriorated due to higher trade tensions.

US inflation likely to rise; inflation in Europe likely to fall.

Swiss economy grew strongly in Q1, mainly due to exports to the US being brought forward.

Global economic growth will weaken in coming quarters.

Global outlook subject to high uncertainty.

Expect Swiss economic growth to slow, and be subdued in rest of 2025.

Economic outlook for Switzerland uncertain, developments abroad are main risk.