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Plan.

How it works: A Wealth Officer from Zwei Wealth will work with you to create an asset structure tailored to your goals and develop a suitable investment strategy. We call this «Plan.». Our advice is based on analyses carried out by our experts.

Here you will find our latest market assessments, which also form the basis for your own investment strategy.

Patrick Müller talks to Klaus W. Wellershoff about the general economic situation.

Once again, doing nothing is proving to be the best option. Following the sharp market corrections in March, a strong counter-movement set in during April. Overall, returns are now back to levels similar to those seen before the outbreak of the war. Economically, however, the situation remains strained. While the economy is proving resilient, higher inflation rates and reduced monetary policy flexibility on the part of central banks are currently clouding the outlook.  

For your investment committee

The Wealth Office Investment Committee analyzes and discusses the most important events and developments on a quarterly basis (9 April 2026).

Chartbook and current market assessment

Economic growth: The global economy remains resilient

Despite the ongoing Iran conflict, the global economy has so far remained resilient. Initial effects are visible in the form of a noticeable deterioration in consumer sentiment, but a significant weakening of overall economic momentum has not yet been observed. The US economy, supported by investment in artificial intelligence, still recorded slight growth in the first quarter of 2026.

However, whether the global economy as a whole can hold up remains uncertain, especially as the full effects of the conflict are not yet foreseeable. The development of the major emerging economies will be decisive in this respect. Countries such as India and Indonesia have made a major contribution to global growth in recent years, but they are particularly exposed to conflict-related supply bottlenecks.

Inflation: Persistent inflationary pressure, but not yet in core rates

Inflation is on an upward trend globally, driven primarily by higher energy prices as a result of the ongoing Iran conflict. This is particularly evident in the headline rates of major economies such as the United States and the euro area.

As a short-term resolution to the conflict is not currently in sight, there is a risk that inflationary pressure will persist for the time being or even increase further. One positive aspect is that price rises have so far only been transmitted to core inflation to a limited extent. This suggests that the effects on goods and services prices remain relatively moderate for now.


Monetary policy: Room for manoeuvre is narrowing

The Iran conflict has further intensified the monetary policy challenges facing central banks. In addition to inflation picking up again, there is a risk of further economic slowdowns, the extent of which is still difficult to assess at present.

These developments are severely limiting room for manoeuvre. Interest rate cuts to support the economy risk fuelling inflationary pressure even further, while more restrictive measures could additionally dampen economic momentum. The major central banks (Fed, ECB, BoE, BoJ) have therefore adopted a wait-and-see approach for the time being and left their key interest rates unchanged.

In this environment, the foreign exchange market is becoming increasingly important. Both the Swiss National Bank and the Bank of Japan are likely to have recently attempted to influence their currencies through foreign exchange purchases. While the SNB sought to counter excessive appreciation of the Swiss franc, the Bank of Japan is likely to have supported the yen, which had come under pressure.