Swiss Macro and History
Stefan GerlachStefan Gerlach writes on monetary policy and central banking, occasionally with a historical perspective. He is Chief Economist at EFG Bank in Zurich and was Deputy Governor of the Central Bank of Ireland.
| Platform |  | Pricing | Only free issues | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 118 | Subscribers | Read | swissmacroandhistory.substack.com |
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Latest Issues
Recent posts by this newsletter. Browse the email archive.
A Second Voice for Rate Cuts
Punchline: President Williams agrees with Governor Waller that policy is too tight for current conditions. That makes a cut next week and further cuts in the first half of 2026 an increasingly likely baseline.
The Case for Continuing Rate Cuts
Punchline: With the labour market near stall speed and inflation essentially at target, Waller sees little justification for keeping rates this high. As an influential voice on the Committee, his views are noteworthy, but will the rest of t...
Markets are betting on lower US rates
Photo by Brandon Jacoby on Unsplash
When Politicians Become Central Bankers
Punchline: Former ministers now play a large role at the ECB, raising questions about how professional background shapes policy. Political and central banking careers train people to think differently about risks, time horizons and trade-of...
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Authors
The writers behind this newsletter.
Stefan Gerlach writes on monetary policy and central banking, occasionally with a historical perspective. He is Chief Economist at EFG Bank in Zurich and was Deputy Governor of the Central Bank of Ireland.
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