The second kev interest rate cut by the SNB in June will enable the downward trend in debt financing costs to continue, although we are not expecting any further cut in interest rates before the end of 2024.
The macroeconomic environment in recent years has been characterized by great volatility. The pandemic and the resulting economic slump were followed by inflation, interest rate hikes and the associated fears of recession as well as geopolitical upheaval, which significantly increased uncertainty in global trading markets.