Central banks, including the Swiss National Bank (SNB), are expected to announce interest rate cuts this week, with the US Federal Reserve following suit a week later.

The Federal Open Market Committee (FOMC) will meet on December 18 to determine the US key interest rate, with a reduction of 25 basis points anticipated by the market. Analysts suggest that the Fed is likely to keep the current rate after this cut. The decision will depend on the economic impact of new tariffs introduced by Donald Trump, which are expected to affect global and US economic growth and inflation. A clearer assessment of these effects is expected in the first or second quarter of 2025, which could lead the Fed to reassess its monetary policy stance.