The Swiss National Bank left its policy rate unchanged at 0% at its September 2026 meeting, in line with market expectations, extending the zero-rate policy in place since mid-2025. Policymakers said the current monetary stance remains appropriate to maintain price stability and support economic activity.
Inflation has continued to edge higher since June, reaching 0.8% in August, up from 0.6% in May, largely due to rising energy prices. The SNB anticipates that inflation will climb further in the fourth quarter before gradually easing through 2027. It projects average inflation of 0.7% in 2026 and 0.8% in both 2027 and 2028.
On the growth outlook, the SNB expects Swiss GDP to expand by between 1.5% and 2% in 2026 and by around 1.5% in 2027. At the same time, it emphasized that the outlook is subject to considerable uncertainty stemming from tensions in the Middle East, global growth prospects, trade policy developments, and exchange-rate movements.
The central bank also reiterated that it remains prepared to intervene in the foreign exchange market if necessary.
