The Swiss National Bank has once again held its benchmark interest rate steady, as expected, amid inflation and growth outlooks pointing to an economy on more solid ground, a situation that makes further cuts even less likely.
The country’s central bank said Thursday that it would keep its policy rate at zero percent, a level set in June. Virtually all economists polled had predicted the decision – the third hold in a row – with the vast majority anticipating the rate to remain the same throughout 2026. Unchanged rates in June and September followed six straight cuts that began in March of last year.
EUR/CHF edged lower following the decision. CHF/USD pushed above 1.25 late Wednesday after the US Federal Reserve cut its interest rate range by 25 basis points as expected.
Economists predict officials at the European Central Bank will leave their key interest rates at current levels following the final meeting of the year next Thursday.
The inflation outlook for Switzerland is now lower (Source: SNB)
Steady as she goes
The SNB bank reiterated that its current rate policy was expansionary and would underpin a slow rise in inflation in the coming quarters. “At the same time, it is supporting economic development,” the bank added, a new statement, one that sounds like officials believe the path they have selected is correct and could be for a while.
The latest growth and inflation outlooks support current policy, according to analysts. The bank lowered is estimates for annual consumer price growth in the coming years, dropping the forecast for the average rate in 2026 two-tenths from September to 0.3%, and lowering the 2027 rate a tenth to 0.6%.
The SNB's inflation target is 0-2%.
At the press conference following Thursday’s decision, SNB Chairman Martin Schlegel attempted to play down the changes, noting that the medium-term outlook for Swiss inflation was basically unchanged. He added that the bank has no preference for where inflation is within the bank's target range.
The bank also announced that GDP growth this year was expected to be at the upper end of September’s range of 1.0-1.5% while confirming its forecast of 1% for next year.
Schlegel pointed out that the recent US-Swiss trade agreement which levels a 15% tariff on shipments from the Alpine nation followed Washington’s initial demand of 39%, so the reduction supports growth.
He also noted that the Fed’s rate cut should help global economic activity.
“The SNB will leave the interest rate at 0% for an extended period,” said VP Bank’s Thomas Gitzel. “A move into negative territory would only be considered if the central bank were to find itself with its back to the wall, for example, if sustained negative inflation rates were to emerge. Otherwise, the next interest rate move will be upwards.”
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var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
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- Bank says current policy supports growth
- Officials ready to act on FX markets
- Inflation outlook eases
By Eric Culp, European Editor
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
11 December 2025 | 10:15 GMT
The country’s central bank said Thursday that it would keep its policy rate at zero percent, a level set in June. Virtually all economists polled had predicted the decision – the third hold in a row – with the vast majority anticipating the rate to remain the same throughout 2026. Unchanged rates in June and September followed six straight cuts that began in March of last year.
EUR/CHF edged lower following the decision. CHF/USD pushed above 1.25 late Wednesday after the US Federal Reserve cut its interest rate range by 25 basis points as expected.
Economists predict officials at the European Central Bank will leave their key interest rates at current levels following the final meeting of the year next Thursday.
Steady as she goes
The SNB bank reiterated that its current rate policy was expansionary and would underpin a slow rise in inflation in the coming quarters. “At the same time, it is supporting economic development,” the bank added, a new statement, one that sounds like officials believe the path they have selected is correct and could be for a while.
The latest growth and inflation outlooks support current policy, according to analysts. The bank lowered is estimates for annual consumer price growth in the coming years, dropping the forecast for the average rate in 2026 two-tenths from September to 0.3%, and lowering the 2027 rate a tenth to 0.6%.
The SNB's inflation target is 0-2%.
At the press conference following Thursday’s decision, SNB Chairman Martin Schlegel attempted to play down the changes, noting that the medium-term outlook for Swiss inflation was basically unchanged. He added that the bank has no preference for where inflation is within the bank's target range.
The bank also announced that GDP growth this year was expected to be at the upper end of September’s range of 1.0-1.5% while confirming its forecast of 1% for next year.
Schlegel pointed out that the recent US-Swiss trade agreement which levels a 15% tariff on shipments from the Alpine nation followed Washington’s initial demand of 39%, so the reduction supports growth.
He also noted that the Fed’s rate cut should help global economic activity.
“The SNB will leave the interest rate at 0% for an extended period,” said VP Bank’s Thomas Gitzel. “A move into negative territory would only be considered if the central bank were to find itself with its back to the wall, for example, if sustained negative inflation rates were to emerge. Otherwise, the next interest rate move will be upwards.”
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