THE SNB COULD ALREADY GO NEGATIVE IN JUNE 3/3

Swiss government long-term yields are once again approaching zero. Our previous expectation for a policy rate cut to 0.25% has been surpassed, with a potential cut to 0% now being considered by the SNB for its upcoming meeting, which will push long-term yields lower. This move is a clear signal from the central bank's concern over persistent deflationary pressures.