UBS Asset Management: The central bank views an increase in bond yields as the primary risk.

According to a survey conducted by UBS Asset Management, central banks believe that persistent inflation and the uncontrollable rise of long-term interest rates are the greatest risks facing the global economy. The survey of 30 central banks by UBS showed that about 82% of reserve managers mentioned these risks. The risk of military conflict escalating further ranked second. The risk of an escalation in trade wars, which was ranked as the top risk last year, has slipped to sixth place this year. The survey found that demand for gold and inflation-hedging bonds remains strong. 29% of participants believe that gold will be the best-performing asset class in the next five years, down from 67% in 2025.