The economy stagnated in the fourth quarter. Recession risks remain low. The rebound in inflation does not appear to be sustainable. Monetary policy reversal delayed. Attractive bond yields. Positive outlook for equities.

Key points

• Swiss economy stalls in Q4
• Outlook reduced to +0.7% growth in 2023
• Domestic demand supports GDP
• Leading indicators slightly more positive
• Inflation doubts reappear
• The SNB is expected to raise its key interest rates by 0.5%
• Spreads unfavorable to the Swiss franc
• Bond yields are once again attractive
• Positive outlook for Swiss equities

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