The yield on the 10-year Swiss government bond was around 0.14%, hovering near its lowest since January 2022, amid reduced expectations of further policy easing in the foreseeable future by the Swiss National Bank. In the minutes of its last monetary policy meeting held on September 25, the central bank downplayed deflationary pressures and ruled out moving into negative rates. The SNB concluded that its monetary policy is currently expansionary, with the full effects of past easing yet to materialize. Amid weak inflation and a slightly weaker economic outlook primarily due to US high tariffs, the policy is expected to boost inflation and support growth in the coming quarters.