UBS CFA indicator: US tariffs leave deep marks

• The UBS CFA Society Switzerland indicator fell by 40.9 points to −51.6 in April, the lowest value in two and a half years and one of the largest monthly declines in the index’s history.
• While analysts expect more moderate inflation in the Eurozone and Switzerland, they anticipate rising inflation in the US.
• Despite the recent appreciation of the Swiss franc, only a few survey participants consider it to be massively overvalued. Accordingly, there is little support for a strong SNB response to cushion the appreciation pressure.

 

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