SNB Maintains Policy Rate And Softens FX Intervention Guidance
Source: SNB
- Bank leaves policy rate unchanged at 0.00% - Tone down language on FX intervention - Energy prices lift inflation outlook - Analysts flag possibility of December hike
Swiss central bankers met expectations and kept monetary policy stable, but analysts warned that rising energy costs could force the bank to raise rates.
In a widely anticipated move, the Swiss National Bank left its policy rate unchanged at 0.00%. It said that sight deposits held by banks continued to be remunerated at the policy rate up to a set threshold, with a 0.25 percentage point discount above that threshold.
In addition, the SNB moderated its tone regarding currency interventions, removing previous references to an "increased willingness," stating instead that it remained prepared to intervene in the foreign exchange market as necessary to maintain appropriate monetary conditions.
Regarding economic activity, the bank said that Second-quarter Swiss GDP growth was unusually strong, partly inflated by the chemical and pharmaceutical sector, though underlying economic momentum remains solid.
Revised staff projections
On economic activity, the bank said second-quarter Swiss GDP growth was unusually strong, partly boosted by the chemical and pharmaceutical sector, while underlying momentum remained solid.
Updated forecasts point to growth of between 1.5% and 2.0% in 2026 and around 1.5% in 2027, supported by external demand, low interest rates and the weaker Swiss franc.
On inflation, the SNB said CPI rose to 0.8% in August from 0.6% in May, driven mainly by higher oil and energy prices. That pushed goods inflation back into positive territory for the first time since May 2024.
Annual inflation is now projected at 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028, keeping it comfortably within the SNB’s definition of price stability.
Rising risks
VP Bank’s Clifford Padevit said the change in wording around FX intervention was perhaps the most telling element of the statement. He argued that dropping the reference to an “increased willingness” to intervene suggested the SNB was broadly satisfied with current exchange-rate levels.
Precisely for that reason, however, Padevit cautioned that the SNB could come under pressure to act and may raise its policy rate as soon as its next meeting in December.
“The upward revision of the inflation forecasts suggests that even within the SNB, there is growing recognition of the risk that inflation could surprise to the upside,” he said.
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- Bank leaves policy rate unchanged at 0.00%
- Tone down language on FX intervention
- Energy prices lift inflation outlook
- Analysts flag possibility of December hike
By Harry Daniels
LiveSquawk News
@HarryDaniels71
11:00 GMT | 24 September 2026
Swiss central bankers met expectations and kept monetary policy stable, but analysts warned that rising energy costs could force the bank to raise rates.
In a widely anticipated move, the Swiss National Bank left its policy rate unchanged at 0.00%. It said that sight deposits held by banks continued to be remunerated at the policy rate up to a set threshold, with a 0.25 percentage point discount above that threshold.
In addition, the SNB moderated its tone regarding currency interventions, removing previous references to an "increased willingness," stating instead that it remained prepared to intervene in the foreign exchange market as necessary to maintain appropriate monetary conditions.
Regarding economic activity, the bank said that Second-quarter Swiss GDP growth was unusually strong, partly inflated by the chemical and pharmaceutical sector, though underlying economic momentum remains solid.
On economic activity, the bank said second-quarter Swiss GDP growth was unusually strong, partly boosted by the chemical and pharmaceutical sector, while underlying momentum remained solid.
Updated forecasts point to growth of between 1.5% and 2.0% in 2026 and around 1.5% in 2027, supported by external demand, low interest rates and the weaker Swiss franc.
On inflation, the SNB said CPI rose to 0.8% in August from 0.6% in May, driven mainly by higher oil and energy prices. That pushed goods inflation back into positive territory for the first time since May 2024.
Annual inflation is now projected at 0.7% in 2026, 0.8% in 2027 and 0.8% in 2028, keeping it comfortably within the SNB’s definition of price stability.
VP Bank’s Clifford Padevit said the change in wording around FX intervention was perhaps the most telling element of the statement. He argued that dropping the reference to an “increased willingness” to intervene suggested the SNB was broadly satisfied with current exchange-rate levels.
Precisely for that reason, however, Padevit cautioned that the SNB could come under pressure to act and may raise its policy rate as soon as its next meeting in December.
“The upward revision of the inflation forecasts suggests that even within the SNB, there is growing recognition of the risk that inflation could surprise to the upside,” he said.