• The UBS CFA Society Switzerland Indicator fell again in November, reflecting analysts’ increasingly cautious growth outlook for Switzerland for the next six months.
   
•  Surveyed analysts have significantly revised upward their inflation expectations for Switzerland, the Eurozone, and in particular the US.
   
• The election of Donald Trump is expected to increase US growth, inflation, and long-term interest rates throughout 2025 and 2026. The US dollar is expected to depreciate against the Swiss franc in the longer term.

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