with price stability. economic actors are confident that the snb will also be able to keep inflation well under control over the long term. in view of the stable inflation expectations, it is not surprising that long - term rates have changed little since the beginning of the year. the yield on ten - year confederation bonds has fluctuated between – 0. 1 % and + 0. 2 % since the start of 2018. andrea maechler will examine exchange rate and interest rate developments in more detail later. monetary policy outlook let me summarise the key points with regard to monetary policy. we anticipate that our economy has expanded by around 2. 5 % this year. in line with a gradual slowdown in the global economy and high capacity utilisation in switzerland, domestic growth is likely to stabilise at around 1. 5 % next year. the inflation forecast for this year is unchanged ; for 2019 and 2020 it is somewhat below our forecast last quarter. the swiss franc is still highly valued. given the slightly muted inflation outlook and the continued fragility in the exchange rate situation, our expansionary monetary policy remains appropriate. with the negative interest rate and our willingness to intervene in the foreign exchange market as necessary, we support economic activity and ensure price stability. ladies and gentlemen, thank you for your attention. it is now my pleasure to give the floor to fritz zurbrugg. page 4 / 4

return to our monetary policy. inflation has declined somewhat since august. while this development is welcome, it is still too early to sound the all - clear. in fact, the underlying inflationary pressure has increased again, due also to the high level of inflation abroad. in this environment, there is a danger that inflation could remain elevated in switzerland in the medium term owing to second - round effects. the renewed tightening of our monetary policy is therefore necessary to ensure that inflation returns to the range consistent with price stability over the medium term. it cannot be ruled out that further increases in the snb policy rate will be necessary to ensure price stability. i would like to conclude by addressing the development of the exchange rate and our activity on the foreign exchange market. since the beginning of the year, the swiss franc has appreciated by around 4 % on a trade - weighted basis. this appreciation has helped ensure that less inflation has been imported from abroad, thus curbing the rise in inflation. at our monetary policy assessments in june and september, we indicated we would also consider selling foreign currency depending on the development of the exchange rate. accordingly, we have sold foreign currency in recent months to ensure appropriate monetary conditions. we will also sell foreign currency in the future if this is appropriate from the monetary policy perspective. conversely, we remain willing to buy foreign currency again if necessary, i. e. if there were to be excessive appreciation pressure. ladies and gentlemen, thank you for your attention. i now hand over to martin schlegel, who will speak about the latest developments with regard to cash. page 3 / 4 berne, 15 december 2022 thomas jordan news conference page 4 / 4