瑞银：瑞士央行或不再降息，10月通胀微降至0.1%

Core Viewpoint - UBS experts suggest that the Swiss National Bank (SNB) is unlikely to lower interest rates again, as they anticipate insufficient medium-term deflationary pressure [1] Group 1: Inflation and Economic Outlook - The SNB believes that the inflation outlook aligns with its price stability target, and the impact of tariff shocks on growth is moderate [1] - In October, Switzerland's inflation rate slightly decreased to 0.1% from 0.2% in September [1] Group 2: Conditions for Negative Interest Rates - The SNB would consider negative interest rates only if three conditions are met: a significant weakening of the Swiss economic outlook, further rate cuts by the European Central Bank that narrow interest rate differentials, and persistent upward pressure on the Swiss franc, which would worsen the medium-term inflation outlook [1]