What happened in the first quarter of 2026?
- Switzerland: moderate growth and contained inflation; however, rate expectations have shifted, with markets ruling out a return to negative levels.
- USA: inflation has picked up due to rising energy prices; the Fed maintains a wait-and-see approach, keeping rates in the 3.5% – 3.75% range.
- Global conflicts: escalation in the Middle East, with disruptions in the Strait of Hormuz and a supply shock in oil, impacting inflation and financial markets.
These are just some of the themes that characterized the first quarter of 2026. Discover more details and other insights by browsing through our quarterly report!