All eyes are on the Fed, with the last US rate decision of the year due on 10 December. The outcome remains uncertain and will shape financial markets in the run-up to the year-end. No rate changes are likely for Switzerland or Europe, although inflation and growth forecasts will provide clues as to possible rate cuts next year. We take a look back at developments on interest rate and bond markets in November, as well as turn to market expectations for the months ahead.

Shares in Galderma and Logitech have made significant gains in relative strength versus the SPI benchmark index, with both stocks showing positive technical trend and momentum indicators. From a technical analysis perspective, we expect further upside for Galderma and Logitech as well as a continuation of the intact relative outperformance versus the SPI.

With the Fed having resumed its rate-cutting cycle in September, the US still calls the tune on the interest-rate front: in October the central bank proceeded to reduce interest rates a second time – notwithstanding the absence of official economic numbers due to the current shutdown. While the SNB and ECB are on hold for the time being, the corporate reporting season has begun, and new issuance therefore remains quite limited. We take a look back at developments on interest rate and bond markets in October, as well as turn to market expectations for the months ahead.

September was an important month in monetary policy terms, with the US central bank resuming its rate-cutting cycle and lowering its benchmark interest rate by 25 basis points. The move was accompanied by an unusually high degree of political turbulence, with Fed governor Lisa Cook suing Donald Trump following the president’s decision to remove her. At the same time, the Swiss National Bank and European Central Bank kept their key rates unchanged. Although issuance activity remained modest overall, a number of Swiss industrial firms took advantage of the favourable environment to place new bonds. We take a look back at developments on interest rate and bond markets in September, as well as turn to market expectations for the months ahead.