On June 20th, KIT Finance Macro European economist Adrian Prettejohn stated in a report that due to significant inflation pressures, the Swiss National Bank may not cut interest rates again this year. The Swiss National Bank has lowered its key interest rate for the second time in a row, from 1.5% to 1.25%. Labor compensation is growing at a strong pace, while service industry inflation remains high, indicating that potential pressures have not eased. In fact, although the Swiss National Bank slightly lowered inflation forecasts for 2025 and 2026, the magnitude of the reduction is small and does not seem to reflect a significant change in outlook.