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Long-term yields surged to multi-decade highs as robust US data and firm energy prices reinforced expectations of another US Federal Reserve (Fed) rate hike.

Impact investing in listed equities enables pension funds to align long-term returns with structural global transitions, combining scale, liquidity and active ownership with measurable real-world outcomes.

Switzerland’s apprenticeship model delivers benefits on both sides of the desk. For young people, it offers a high-quality start to a career with real responsibility and recognised qualifications. For the Bank, it creates a reliable pipeline of skilled colleagues.

In 2026, the five hyperscalers (Microsoft, Amazon, Alphabet, Meta and Oracle) will spend around USD 820 billion in capex, compared with USD 750 billion in operating cash flows. This means that their investments are exceeding available cash flows and that this funding gap has to be financed through debt.

The Fed raised its interest rates by 25 basis points (bps) to 3.75–4.00% on a unanimous vote, framing the move as insurance against energy prices bleeding into core inflation, while the Bank of England held its rates at 3.75% despite a more hawkish tilt in its minutes.

The AI boom has pushed the world’s five hyperscalers (Microsoft, Amazon, Alphabet, Meta and Oracle) into a new era of financing. In 2026, their capital spending is expected to exceed operating cash flow, with investment projected to reach USD 5.6 trillion by 2030, raising fundamental questions about how this unprecedented expansion will be funded.