The latest Swiss National Bank communications suggest a shift in momentum for Switzerland's economic outlook. A key driver? The easing of US tariff pressures that had been weighing on global trade flows. This kind of policy pivot matters more than most realize—when protectionist tensions cool, risk appetite tends to recover. The implications ripple across markets. Lower tariffs reduce inflation pressure in developed economies, which could influence central bank policy trajectories. That shifts the entire calculus for investors positioning across asset classes, from traditional equities to alternative investments. For those tracking macro trends, Switzerland's improved economic prospects signal that the broader risk-off sentiment may be losing steam. When major economies show signs of stabilization, periods of defensive positioning typically ease, and capital flows start rotating back into growth-oriented strategies. The reduction in US tariffs isn't just about trade numbers—it's about restoring confidence in a more stable economic environment.