- Prior 0.00%
- SNB remains willing to be active in the foreign exchange market as necessary
- Inflationary pressure is virtually unchanged compared to the previous quarter
- Monetary policy helps to keep inflation within the range consistent with price stability
- While inflation is likely to be slightly higher in the short term, in the medium-term the conditional inflation forecast remains unchanged
- The economic outlook for Switzerland has deteriorated due to significantly higher US tariffs
- The tariffs are likely to dampen exports and investment especially
- Will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability
- 2025 GDP seen at around 1.0% to 1.5% (unchanged)
- 2026 GDP seen at around 1.0% (previously 1.0% to 1.5%)
- 2025 CPI seen at 0.2% (unchanged)
- 2026 CPI seen at 0.5% (unchanged)
- 2027 CPI seen at 0.7% (unchanged)
- Full statement
No change to the inflation forecasts means no change to anything for the SNB. The language in the statement remains the same and they're not explicitly mentioning anything about the Swiss franc currency. For now, zero interest rate policy is the name of the game until we get some meaningful development to change the outlook. USD/CHF remains flat on the day at 0.7951 currently.
