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Swiss National Bank anticipates subdued growth in global economy, says vice chairman

BY Reuters | ECONOMIC | 09/25/25 04:00 AM EDT

ZURICH, Sept 25 (Reuters) - The Swiss National Bank anticipates that growth in the global economy will be subdued over the coming quarters as economic developments are being dampened by U.S. tariffs and ongoing high uncertainty, Vice Chairman Antoine Martin said on Thursday.

"U.S. tariffs are likely to curb global trade and reduce the purchasing power of U.S. households," said Martin in remarks prepared for a press conference. (Reporting by Ariane Luthi, Editing by Miranda Murray)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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