At its June 2026 meeting, the Swiss National Bank left its policy rate unchanged at 0%, in line with expectations, stating that the current monetary stance remains appropriate to safeguard price stability and support economic growth. Policymakers observed that medium-term inflation pressures are broadly unchanged, even though recent price increases have been driven by higher energy costs.
The SNB expects inflation to edge up in the short term before easing in early 2027, projecting average annual inflation of 0.6% for both 2026 and 2027, and 0.7% for 2028. Economic growth is forecast at 1.0% for 2026 and 1.5% for 2027.
The central bank underscored elevated global risks, notably geopolitical tensions in the Middle East, which could bolster the Swiss franc, as well as uncertainty surrounding US trade policy. The SNB also indicated it is now more prepared to intervene in foreign exchange markets should conditions warrant.
