Swiss National Bank’s Martin: Swiss economy to grow moderately in coming quarters

The substance here is the direction of travel rather than any number: a central bank voice framing Swiss growth as moderate signals continuity, not a turning point. That matters most for rate expectations, since a measured expansion gives little reason to rethink the policy stance in either direction. The absence of figures or detail is itself notable — markets are left to infer from tone. Whether this characterization survives the next round of official data is the open question.