SWITZERLAND: Presser @ 15:30CET After Cabinet Meets To Discuss US Tariffs
President of the Swiss Confederation, Karin Keller-Sutter, and Economy Minister Guy Parmelin are set to hold a press conference at 15:30CET (09:30ET, 14:30BST) to speak about their trip to Washington, D.C., on 6 August (livestream here). The Swiss delegation held talks with US Secretary of State Marco Rubio, but not President Donald Trump, with no apparent progress towards a trade deal. The presser comes after an extraordinary meeting of the seven-member Federal Council, Switzerland's cabinet and the collective head of gov't and state, took place earlier today.
- As of today (7 August), Switzerland is subject to 39% levies under Trump's 'reciprocal' tariff plan. This is the highest tariff rate of any developed economy worldwide.
- Speaking to Bloomberg TV, Thomas Borer, former Swiss ambassador to Germany, said, “Switzerland will come up in the next hours hopefully with a strategic action plan on how to tackle the huge trade balance." He acknowledged that it is this measure that Trump is focused on, "So we have to tackle this issue.”
- Borer went on to say that in an effort to redress the imbalance, Switzerland should export its gold-melting furnaces to the US, and commit to buing US "Food, weapons, probably beef too".
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GERMANY: Private Sector Launches Investment Offensive - HB
"Several dozen German corporations are apparently planning to launch a historic investment offensive and invest several hundred billion euros in Germany as a business location – including in new plants, the modernisation of facilities and the development of new products", Handelsblatt reports, quoting sources. Reuters ran a matching story.
- "Sources within the alliance have indicated that the corporate representatives want their investment commitment to be seen as a vote of confidence in the federal government – coupled with the expectation that it will implement the promised economic reforms"
- On balance, weak private investment arguably was the most worrying part of stagnating GDP in Germany in recent quarters. Gross fixed private capital formation in Germany was around E900bln in the four quarters to Q125 - so an initiative of "several hundred billions" should be a considerable amount - at least if being additional. The initiative comes amid the context of the German government's investment spending increases and promised bureaucracy reductions / structural reforms.
STIR: Effective Fed Funds Rate
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $118B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $263B
MNI: RPT: Livestreamed MNI Connect VC with Fed Mary Daly On July 10
You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly.
Details below:
- Mary Daly joins us to discuss the ‘The US Economic Outlook and Challenges for Policymakers'
- DATE: Thursday, 10 July 2025
- TIME: 2:30 pm - 4 pm ET; 11:30am - 1pm PT; 7:30pm - 9pm London
- This event will be run as a Zoom Webinar and is a public, on-the-record event.
To register please go to: MNI Webcast Registration
