SZ SNB Monetary Policy Assessment

The Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, the SNB has an increased willingness to intervene in the foreign exchange market. The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. The SNB's monetary policy is appropriate to keep inflation within the range consistent with price stability and it supports economic development. The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability. As expected, inflation has risen since the last monetary policy assessment, from 0.1% in February to 0.6% in May. This increase was mainly attributable to higher prices for oil products. The other goods and services made little contribution to the rise in inflation. According to th * #SNB LEAVES POLICY RATE AT 0%; EST. 0% - BBG *SNB SAYS PREPARED TO INTERVENE IN CURRENCY MARKETS IF NEEDED *SNB HAS AN INCREASED WILLINGNESS TO INTERVENE IN FX MARKETS *SNB SEES 2026 GDP GROWTH ABOUT 1% *SNB SEES 2027 GDP GROWTH ABOUT 1.5% *SNB SEES 2026 INFLATION AT 0.6%;…

We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. Given the conflict in the Middle East, our willingness to intervene in the foreign exchange market has increased. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland. Our conditional inflation ...

The Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. The SNB remains willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. The monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability. Inflation has declined slightly since the last monetary policy assessment. It decreased from 0.2% in August to 0.0% in November. Lower inflation in the hotel industry, as well as for rents and clothing, contributed in particular to this decline. Inflationary pressure in the medium term is virtually unchanged compared to the previous quarter. Although the conditi Swiss National Bank: Inflationary Pressure Is Virtually Unchanged Compared To The Last Monetary Policy Assessment - Main Risk To The Economic Outlook For Switzerland Is The Development Of The Global economy SNB Sees 2025 Inflation At 0.2% (Prev 0.2%) Sees 2026 Inflation At 0.3% (Prev 0.5%) Sees 2027 Inflation At 0.6% (Prev 0.7%) Sees 2025 Swiss GDP At Around 1.5% (Prev 1.0-1.5%) Sees 2026 Swiss GDP At Around 1% (Prev 1%)

The Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. The 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 and supports economic development. The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability. Inflation has increased slightly since the last monetary policy assessment. It rose from -0.1% in May to 0.2% in August. This increase was mainly attributable to higher inflation in tourism and on imported goods. Inflationary pressure has barely changed compared to June. While inflation is likely to be slightly higher in the short term, in the medium term the conditional inflation forecast remains unchanged. The forecast is within the range of price stability over the entire forecast horizon (cf. chart). As in the previous quarter, it puts average annual inflation at 0.2% for 2025, 0.5% for 2026 and 0.7% for 2027 (cf. table). The forecast is based on the assumption that the SNB policy rate is 0% over the entire forecast horizon. Global economic grow SWISS NATIONAL BANK: GLOBAL ECONOMIC GROWTH SLOWED SOMEWHAT IN THE FIRST HALF OF 2025 GLOBAL ECONOMIC DEVELOPMENTS ARE BEING DAMPENED BY US TARIFFS AND ONGOING HIGH UNCERTAINTY SNB ANTICIPATES THAT GROWTH IN THE GLOBAL ECONOMY WILL BE SUBDUED OVER THE COMING QUARTERS…