The yield on the 10-year Swiss government bond rose to around 0.4%, its highest level since May 20, as investors continued to weigh geopolitical risks and the monetary policy outlook. While Trump’s announcement of a ceasefire between Israel and Iran offered temporary relief, the deal’s stability is in question as Israel alleges Iranian violations. Meanwhile, traders monitored policy signals from the US Federal Reserve and the Swiss National Bank. Fed's Bowman, joined her colleague Waller and called for a rate cut in the coming months, reinforcing market expectations for policy easing this year. In Switzerland, the SNB cut its key interest rate to 0% from 0.25% at its recent meeting, its sixth consecutive cut, amid subdued inflationary pressures and a robust franc, prompting speculation over a possible return to negative rates. However, Chairman Martin Schlegel warned that such measures could have adverse effects and pose challenges for many economic participants.