Zelensky said Trump is exerting disproportionate pressure on Ukraine to advance a peace agreement and is demanding more concessions from Kyiv than from Moscow. In an interview with Axios, Zelensky said that giving up additional territories, even if requested by Russia, would not be acceptable to Ukrainian public opinion. He emphasized that any plan involving withdrawal beyond the current lines would likely be rejected in a referendum. The Ukrainian president called for stabilizing the situation along the current contact lines, especially in the Donbas region.

Switzerland’s economy returned to positive territory at the end of last year with 0.2% growth in Q4, partially offsetting the heavy tariff shock imposed by Donald Trump. However, weak service growth and an almost stagnant industrial sector meant overall performance fell slightly below economists’ forecasts. The strong franc and pressure on export-oriented companies remain a significant risk and may even lead the Swiss National Bank to consider reintroducing negative interest rates. Overall, annual economic growth reached 1.4%, but signs of layoffs and rising uncertainty are visible in the coming months.

Federal Reserve officials say they are assessing the impact of artificial intelligence on the economy, but there is still no clear sign of a fundamental shift in macroeconomic data. Daly stressed that AI’s effect on productivity will take time and that policymakers must closely monitor detailed data. At the same time, Austan Goolsbee said that if inflation returns toward the 2% target, several rate cuts could occur in 2026. After three rate cuts in late 2025, the Fed is currently taking a wait and see approach while evaluating inflation and growth data.

UK inflation fell to 3% in January, the lowest level in 10 months, strengthening the case for a rate cut at the Bank of England’s March meeting. Lower fuel prices were the main driver of the decline, although services inflation remains relatively elevated. Members of the Monetary Policy Committee are divided over the timing of rate cuts, but recent data support a downward trend in price pressures. The central bank expects inflation to return to its 2% target in the spring, while signs of labor market weakness are also emerging.