The yield on the 10-year Swiss government bond fell to around 0.15%, its lowest since January 2022, amid concerns over the domestic economic outlook and persistent global uncertainties. The State Secretariat for Economic Affairs (SECO) in its latest October projections maintained its 2025 GDP growth forecast at 1.3% but lowered its 2026 projection to 0.9% (vs 1.2% in June), citing the negative impact of US tariffs and the strong Swiss Franc on exports. The entity also expects inflation to remain subdued at 0.2% in 2025 and 0.5% in 2026, cementing expectations of a cautious approach to monetary policy by the Swiss National Bank. Elsewhere, ongoing US-China tensions and the prolonged US shutdown continued to worry investors across the globe.