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The Swiss National Bank (SNB) cut its policy rate by 25 bps to 0% in June 2025, as expected, setting borrowing costs at zero for the first time since negative rates in late 2022. The move came amid easing inflationary pressures and a weakening global economic outlook. Consumer prices in Switzerland fell by 0.1% in May, marking the first decline in four years, mainly driven by lower prices in tourism and oil products. The SNB now projects average inflation at 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027. Swiss GDP also posted strong growth in the first quarter of 2025, partly supported by early exports to the US ahead of new tariffs, although underlying momentum was more modest. Growth is expected to slow in the coming quarters, with GDP expansion forecast at 1% to 1.5% for both 2025 and 2026. Meanwhile, the global outlook has deteriorated due to rising trade tensions, adding further uncertainty to Switzerland’s trade prospects.