The new Fed Chair, Kevin Warsh, brings unconventional views on inflation measurement and has expressed a preference for trimmed measures, at a time when inflation has remained above target for five years.
In the current environment, the Dallas Trimmed PCE exhibits a downward bias following a succession of supply-side shocks since 2020 and was also slow to capture the 2021 inflation surge. A shift in the Fed's preferred inflation gauge could therefore raise credibility concerns.
The Bank is honoured to support Paul Muller, a second-year medical student at the University of Geneva, in his Ironman challenge to fight childhood cancer.
Paul will compete in this year's IRONMAN Nice on 29 June, a legendary triathlon featuring 3.8 km of swimming, 180 km of cycling and a 42 km full marathon. His goal? Raise CHF 50,000 for the Geneva-based CANSEARCH Foundation, which funds vital research in pediatric oncology.
This inspiring initiative reflects values we strongly believe in: commitment, determination, solidarity, and pushing boundaries. We are proud to stand by Paul on this exceptional human and athletic journey!
Despite headwinds: tariffs, export controls and valuation concerns, US mega-cap tech is holding strong. Microsoft, Meta, Alphabetand NVIDIA continue to deliver, powered by AI-led innovation and robust cash flows.
When volatility hits, conviction matters! Staying invested in quality tech may still be the winning play.
With Germany making a historic shift in interest rates, bond markets remain on edge. As rate volatility persists, investors should brace for a bumpy ride ahead in 2025.
In this uncertain environment, maintaining adequate duration diversification across bond portfolios remains a key strategy. Navigating interest rate swings requires flexibility and foresight. Does your allocation reflect the new normal?
Our ability to respond with agility to changing economic and geopolitical conditions enabled us to deliver strong financial results in 2024. The report offers an in-depth look at our financial results, strategic priorities and the progress we have made throughout the year.
