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Keep calm and carry on hiking

The UBS takeover of Credit Suisse may tighten lending conditions slightly due to reduced competition and potentially tighter regulation. But we don’t think there will be a significant impact on Switzerland’s economy. Meanwhile, the Norges Bank and SNB remain focused on fighting inflation. Both raised rates this week, in line with rate hikes by the Fed, ECB and Bank of England, and we think both have further to go. 

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