Swiss bulletin predicts US slowdown

The Swiss National Bank's latest monetary policy report presented a pessimistic outlook for the US economy.

"Given the financial market turmoil in August, which led to a significant rise in premiums on high-risk investments, the downside risks to growth dominate."

The central bank said it "assumes that US growth momentum will decline next year as a result of the turbulence in the financial markets." But added: "In Europe robust growth will probably be maintained."

The central bank said the Swiss

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