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In the latest note to the clients, the UBS Economist Alessandro Bee indicated that he sees the Swiss National Bank (SNB) cutting interest rates next year.

Key Quotes:

“Both the European Central Bank and the Federal Reserve to “react to recession risks” with more rate cuts.

That should force the SNB to cut rates in the spring, which is why there shouldn’t be a stronger appreciation of the franc in the next twelve months.”

Meanwhile, the KOF Swiss Economic Institute  expects  the SNB to cut rates even sooner, and forecasts a reduction by the end of this year, as cited by Bloomberg.