Archive - Swiss Macro and History

Quick Comment: Final June CPI Inflation for Sweden

Punchline: June’s inflation numbers in Sweden came in higher than hoped for, raising questions about whether the Riksbank will keep cutting rates.

Jul 16 •

The ECB’s Strategy Assessment: What is new and what is missing?

Jul 14 •

Quick comment: Swedish Inflation Surprises on the Upside

Punchline: the flash CPI data for June were unexpectedly strong.

Jul 8 •

After the June CPI Report, the SNB Looks Good

Punchline: June’s CPI data shows that the weakness of headline inflation masks more resilient domestic price trends.

Jul 7 •

June 2025

Interest Rate Differentials and the Swiss Franc

Punchline: It is often believed the spread between SNB and ECB policy rates is a key determinant of the CHF/euro exchange rate.

Jun 30 •

How well is the Fed doing?

Punchline: Unlike most central banks, the Fed must balance inflation and unemployment.

Jun 23 •

The Riksbank, SNB, Norges Bank and BoE Meetings

Punchline: The Riksbank, Swiss National Bank and Norges Bank responded to easing inflation and rising uncertainty by cutting interest rates.

Jun 20 •

Quick Comment: Swiss economic activity

Punchline: SECO’s index of weekly economic activity shows that economic activity declined following the tariff announcement on “Liberation Day” and has…

Jun 18 •

Another Riksbank Rate Cut Looks Imminent

Punchline: The Riksbank is likely to cut interest rates to 2.0% on 18 June.

Jun 16 •

This Is No Time for the SNB to Go Negative

Punchline: Swiss inflation has turned negative.

Jun 10 •

Quick comment: Swiss inflation in May

Punchline: Less downward pressure on inflation than I had expected.

Jun 4 •

ECB Set to Cut Rates Amid Trade Turmoil

Punchline: Rising trade tensions and softening demand have brought inflation back near target, prompting the ECB to further ease policy.

Jun 2 •

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