Insights

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GianLuigi Mandruzzato

Investment Insights • Macro 18 June 2025

Will the SNB return to negative rates?

On 19 June, the Swiss National Bank (SNB) will most likely cut the policy rate to zero and the possibility of a return of negative rates cannot be excluded before the end of 2025.

GianLuigi Mandruzzato

2 min read

Investment Insights • Macro 06 June 2025

Data dependency does not mean ECB rates have bottomed

On 05 June, the European Central Bank (ECB) cut interest rates by 25 basis points as expected. In contrast to the recent past, President Lagarde’s comments do not offer guidance on the central bank’s next moves.

GianLuigi Mandruzzato

2 min read

Investment Insights • Macro 30 May 2025

Causes and consequences of the OPEC+ pivot

The decision on 3 May by eight OPEC+ countries to further boost oil supply indicates a shift in the cartel’s strategy towards defending its market share.

GianLuigi Mandruzzato

2 min read

Investment Insights • Macro 22 April 2025

What if Trump fires Chairman Powell?

President Trump has intensified his criticism of Federal Reserve Chairman Powell and hinted at firing him. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the safeguards for the Fed’s independence and how markets would likely react if Powell were dismissed.

GianLuigi Mandruzzato

3 min read

Investment Insights • Macro 16 April 2025

ECB set to cut rates again in April

On 17 April, the European Central Bank (ECB) is expected to announce a further cut in the deposit facility rate of 0.25%, bringing it to 2.25%. The market is expecting at least two more rate cuts in 2025. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the factors that are influencing eurozone monetary policy.

GianLuigi Mandruzzato

3 min read

Investment Insights • Macro 14 April 2025

The beginning of the end for the US dollar?

The US administration’s tariff announcements have had a major impact on financial markets. The currency market was not spared with the US dollar falling sharply against major currencies.

GianLuigi Mandruzzato

3 min read

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Insights

Will the SNB return to negative rates?

Data dependency does not mean ECB rates have bottomed

Causes and consequences of the OPEC+ pivot

What if Trump fires Chairman Powell?

ECB set to cut rates again in April

The beginning of the end for the US dollar?

Discover more

Bringing entrepreneurial thinking to Swiss private banking

Services and updates for investors, shareholders and analysts

A new experience in private banking

Personalise your content

Your regional contact:

Insights

Will the SNB return to negative rates?

Data dependency does not mean ECB rates have bottomed

Causes and consequences of the OPEC+ pivot

What if Trump fires Chairman Powell?

ECB set to cut rates again in April

The beginning of the end for the US dollar?

Stay ahead of the curve

Discover more

Bringing entrepreneurial thinking to Swiss private banking

Services and updates for investors, shareholders and analysts

A new experience in private banking

Personalise your content

Your regional contact: