The investment year 2025 is expected to be shaped by interest rate cuts, currency dynamics, and geopolitical risks. These themes dominate discussions among bank economists and finance professors alike.

Read on to discover the advice offered by a former chief economist of the Swiss National Bank, two professors, and seven chief economists from major banks as they guide investors into the coming year.

Marc Brütsch, Chief Economist, Swiss Life:

Monetary Context: Marc Brütsch. (Image: Courtesy)

For Swiss investors, a key factor in 2025 will be whether the Swiss National Bank (SNB) continues its rate-cutting cycle. With three rate cuts already implemented this year, the SNB’s monetary policy is no longer restrictive.

Further rate reductions would support domestic economic growth and bolster the local real estate market. Private investors could also benefit from even lower variable mortgage rates. If the normalization of monetary policy can prevent a global economic recession, it would also provide a tailwind for equity markets.

2025 also marks the 10th anniversary of the SNB abandoning its minimum exchange rate policy. While the EUR/CHF exchange rate no longer hovers around 1.20, it now trends closer to 0.90 CHF. Investments in foreign currencies should therefore always be made with the SNB’s monetary policy in mind.