The conflict in Iran continues to weigh on markets, with oil prices once again approaching USD 100 per barrel and inflation concerns coming back into focus. After the broad-based decline in yields seen in June, capital market rates in Switzerland and Europe moved significantly higher in July. We look back at developments on interest rate and bond markets in July, as well as provide an outlook on market expectations for the months ahead.

Emerging markets stocks tend to be a sideline for many Swiss investors. This investment segment’s performance has also been underwhelming in the past. In the 2010s, equities from developed markets generated significantly better returns than equities from emerging markets, which had moved more or less sideways. Even during and after the COVID pandemic, emerging markets performed rather poorly compared to other stock markets. The tide turned in mid-2025, however. Since then, emerging markets stocks have been outperforming even US technology stocks, which are ubiquitous in the media and can be found topping the rankings alongside the winners of the AI boom.

The Strait of Hormuz has reopened, inflationary pressure is subsiding, and the trend in capital market interest rates is pointing south again. The European Central Bank has nevertheless raised interest rates in what is described as a “dovish hike”; meanwhile, the SNB and the Fed remain on hold for now. We take a look back at developments on interest rate and bond markets in June, as well as turn to market expectations for the months ahead.

Infrastructure investments are a structural growth driver that represents a key pillar of the economy. They also play a critical role in safeguarding the provision of basic services and achieving a successful energy transition. You can incorporate this theme into your own portfolio from a sustainability perspective through the Schroders Capital Semi-Liquid Global Energy Infrastructure fund.

May saw G7 government bond yields rise to levels not seen for around 20 years. Elevated energy prices and increasing deglobalisation trends are once again giving rise to inflation fears. At the same time, persistently high government deficits and uncertainty about the Fed’s future monetary policy direction are continuing to drive up maturity premiums.

The environment remains challenging for global financial markets. After years of exceptionally expansive monetary policy, investors now face a combination of higher interest rates, persistent inflation and major geopolitical uncertainties. This difficult context is responsible for considerable fluctuations on the capital markets and is increasingly putting traditional portfolio approaches to the test. In an environment like this, attention switches to investments with stable cash flows, defensive characteristics and structural growth prospects. When it comes to capital preservation, predictable income and robust portfolio construction, dividend stocks and infrastructure investments are attractive portfolio building blocks.

The broad equity market has rebounded from its 30 March low point as investors speculate on an imminent end to the Iran war and the reopening of the Strait of Hormuz. The bond market reflects the same expectation, with interest rates around the world having fallen since 30 March. Nevertheless, volatility and event risk remain high, and the future direction of central banks is unclear. We take a look back at developments on interest rate and bond markets in April, as well as turn to market expectations for the months ahead.

With the outbreak of war in Iran, March got off to a turbulent start on all levels. Interest rates around the world rose on renewed fears of inflation, the US dollar became a safe haven again and gold stopped working as a hedge. The SNB, ECB and Fed nevertheless left key interest rates on hold. We take a look back at developments on rates and bond markets in March, as well as turn to market expectations for the months ahead.

Key interest rates in the US, Switzerland as well as the Eurozone remain unchanged for now. However, the Swiss National Bank and the European Central Bank are coming under growing pressure to act due to the strength of CHF and EUR versus the USD. We take a look back at developments on interest rate and bond markets in February, as well as turn to market expectations for the months ahead.

There has been an increasing number of reports in recent weeks that various indices have reached new record highs. Swiss equities, US equities, the gold price, the silver price… the list goes on and on. Given this situation, does it make any sense to invest at the moment? Or should we be waiting for the next correction to get in at lower prices? We explain why now is still a good time to invest.

After three consecutive rate cuts, the US Federal Reserve is also on hold, and benchmark interest rates in the US, Switzerland and the Eurozone remain unchanged for now. Attention is turning to Japan, however, where worries about government debt pose a dilemma for the country’s central bank. At the same time, the Swiss franc’s renewed appreciation puts the SNB under pressure to act. We take a look back at developments on interest rate and bond markets in January and also turn to market expectations for the months ahead.

After a brief period of positive yields, interest rates on savings accounts and term deposits in Swiss francs have returned to near zero. Investors earn little to no return on their liquidity, while a gradual loss of purchasing power persists. In this publication, we outline how available liquidity can be deployed profitably and in a risk-optimised manner even in the current environment. Specifically, we present solutions that allow investors to achieve returns of around 2 to 3 percent in Swiss francs with a manageable level of risk.

The US Fed didn’t disappoint, cutting interest rates in December for the third time in succession. Although little is expected from the ECB or SNB in 2026, in the US the stage is set for an interesting year: There is evidence of a growing split within the Fed, and it remains to be seen whether the new Chair will be able to unite the Committee behind them. We take a look back at developments on interest rate and bond markets in December, as well as turn to market expectations for the months ahead.

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.