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Martin Schlegel made his first public appearance as the new Chairman of the Swiss National Bank (SNB) in Ticino, where he discussed the global economic outlook. He highlighted high geopolitical risks and projected moderate economic growth, with GDP expected to rise by 1% this year, below the long-term average. Schlegel's visit was met with pride by local officials, including Christian Vitta, head of the Ticino Department of Finance and Economy.
Martin Schlegel, the newly appointed president of the Swiss National Bank, addressed high geopolitical risks during his first speech in Bellinzona. He indicated that the bank anticipates subdued economic growth, projecting a GDP increase of only 1 percent for the year, which is below the long-term average. The visit to Ticino was met with pride from local officials, highlighting the significance of his new role.
The Swiss National Bank (SNB) has lowered its key interest rate to 1%, marking the third consecutive cut of 25 basis points. The SNB's unusually clear guidance indicates that further cuts may be necessary due to significant disinflationary trends and a strong Swiss franc, which has contributed to lower inflation rates. Another reduction is anticipated in December, followed by another in March.
The Swiss National Bank has implemented its third consecutive interest rate cut, driven by the strong appreciation of the Swiss franc and a notable decline in inflationary pressure. With inflation forecasts for 2025 revised down to a concerning 0.5 percent, the cut aims to alleviate pressure on the Swiss export industry and widen the interest rate differential with the eurozone and the US.
Ticino's Budget 25 reveals a projected deficit of 64 million francs, prompting the government to propose 71.98 million in savings, primarily affecting health insurance subsidies and education. The Grand Council faces pressure to confirm measures like the connection tax, while the Confederation's upcoming savings could further strain cantonal finances.
The Canton of Basel-Stadt has revised its 2024 budget surplus projection to 106 million francs, up from an initial estimate of 73 million francs, primarily due to increased tax revenue expectations. However, shortfalls are anticipated in other direct taxes, including inheritance and property gains taxes, totaling nearly 80 million francs, alongside a CHF 46 million deficit from the Swiss National Bank's profit distribution due to its 2023 losses.
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