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The Swiss National Bank (SNB) has cut the key interest rate by 50 basis points to 0.50%, marking the fourth consecutive reduction. This decision reflects a decrease in inflationary pressure, with current inflation at 0.7% and forecasts predicting an average of 1.1% for 2024. Economic growth remains modest, with GDP expected to rise by around 1% this year.
The Bitcoin Association Switzerland is advocating for the country to regain its status as a leader in Bitcoin and crypto innovation, following a recent meeting with Swiss parliament members. Despite past disillusionment, the association's leadership expressed optimism about potential regulatory improvements and the growing acceptance of Bitcoin among institutional investors. With favorable conditions and political engagement, they aim to reverse the trend of innovation migrating abroad.
A forthcoming report on Switzerland's handling of the Credit Suisse collapse is expected to influence regulations for UBS, its new owner. The Swiss Parliament's commission is likely to criticize the market regulator FINMA and the Swiss National Bank for their inadequate responses, while recommendations for increased capital requirements for systemically important banks may not be included. The findings could sway public and political opinion regarding financial oversight in Switzerland.
The Swiss Parliamentary Investigation Commission (PUK) is set to release its report on Credit Suisse's collapse, likely by year-end 2024, with a focus on the Financial Market Supervisory Authority (FINMA) and its inadequate crisis management. The report will address systemic issues, including the effectiveness of the "Too Big to Fail" framework, and is expected to influence future regulatory reforms in the Swiss financial system. Accountability for key figures, including FINMA's president and former finance minister, is also under scrutiny.
Mortgage rates in Switzerland have continued to decline, with ten-year fixed-rate mortgages averaging 1.55% as of December 6, down from 1.81% in September. Experts anticipate further interest rate cuts from the Swiss National Bank, with rates expected to stabilize between 1.45% and 1.65% by June 2025. Despite rising rents due to supply shortages, the impact on inflation remains modest.
Mortgage rates in Switzerland have declined, with ten-year fixed-rate mortgages averaging 1.55% as of December 6, down from 1.81% in September. This drop is attributed to falling refinancing costs and expectations of further key interest rate cuts by the Swiss National Bank. Inflation is decreasing faster than anticipated, leading to predictions of stable benchmark rates for medium and long-term mortgages through mid-2025, while the reference interest rate for residential rents is also expected to decline.
The Swiss Parliamentary Investigation Commission (PUK) is set to release its report on Credit Suisse's collapse, likely by year-end 2024, with speculation focusing on the Financial Market Supervisory Authority (FINMA) and its inadequate crisis management. The report is expected to address systemic issues, including the failures of the "Too Big to Fail" framework, and will likely recommend reforms to enhance financial oversight. Accountability for key figures, including FINMA's president and former finance minister Ueli Maurer, is also anticipated, as the findings could reshape Switzerland's regulatory landscape.
The PUK report on the Credit Suisse crisis is anticipated to reveal shortcomings in the oversight by FINMA and other authorities, with speculation about its findings being tightly controlled due to legal liabilities. The report will likely address the failures of key figures, including FINMA Chairwoman Marlene Amstad and former officials Thomas Jordan and Ueli Maurer, while also examining the implications for too-big-to-fail legislation. An international comparison of financial supervision will inform recommendations for future regulatory frameworks.
The Swiss Parliamentary Investigation Commission (PUK) is set to release its report on Credit Suisse's collapse, likely by December 20, 2024. The report will scrutinize the Financial Market Supervisory Authority (FINMA) for its inadequate response to the crisis and address systemic issues within the "Too Big to Fail" framework. Recommendations for enhancing financial oversight and crisis management are anticipated, with significant implications for the Swiss financial regulatory landscape.
European equities had a mixed start as traders reacted to potential stimulus from China, with the DAX 40 reaching a record high of 20,461. The FTSE 100 gained 0.5% due to rising commodity prices, while attention shifts to the ECB's expected 25 bp rate cut amid ongoing economic weakness and inflation surprises. The ECB will also release new forecasts extending to 2027, indicating a potential shift towards more accommodative monetary policy.
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