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Martin Schlegel, the new CEO of the Swiss National Bank, highlighted significant geopolitical risks during his inaugural speech in Bellinzona, predicting subdued economic growth and a GDP increase of just 1% for the year, below the long-term average. His visit to Ticino was met with pride from local officials, reflecting the region's support for his leadership.
Martin Schlegel, the newly appointed president of the Swiss National Bank (SNB), highlighted significant geopolitical risks during his first public appearance in Ticino. He projected subdued economic growth, estimating a GDP increase of just 1 percent for the year, which falls below the long-term average. The visit was met with pride from local officials, including Christian Vitta, head of the Ticino Department of Finance and Economy.
Martin Schlegel, the new President of the Swiss National Bank (SNB), made his inaugural public appearance in Ticino, delivering a speech in Bellinzona. He highlighted significant geopolitical risks and projected moderate economic growth, with an expected GDP increase of 1% this year, below the long-term average. Christian Vitta, head of the Ticino Department of Finance and Economy, expressed the canton’s pride in hosting the SNB leader.
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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.
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, highlighted the high geopolitical risks during his first public appearance in Ticino. He anticipates subdued economic growth, projecting a GDP increase of only 1 percent for the year, which is below the long-term average. The visit has brought great pride to the canton, as noted by Christian Vitta, head of the Ticino Department of Finance and Economy.
Martin Schlegel takes over as chairman of the Swiss National Bank amid scrutiny over its handling of the Credit Suisse crisis. With a parliamentary investigation pending, Schlegel aims to maintain a focus on price stability while addressing regulatory reforms for UBS. Analysts expect continuity in monetary policy from Schlegel, who has defended the SNB's actions during the turmoil.
The Swiss franc is expected to remain slightly above the 0.95 mark against the euro in the coming weeks, influenced by recent trends in the dollar-franc and euro-franc exchange rates. The dollar's recent weakness, due to Fed interest rate cuts, has strengthened the franc against the euro, but a potential dollar rebound may lead to the franc losing some ground against the euro.
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.
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