European Economic Comment "SNB: Policy still in a good place" Huefner

Research evidence excerpt

European Economic Comment "SNB: Policy still in a good place" Huefner

Global Research

18 June 2026ab

European Economic Comment Economics

Europe including UKSNB: Policy still in a good place

Felix Huefner

Economist

SNB leaves policy rate at 0%, message broadly unchanged felix.huefner@ubs.com

+49-69-1369 8280

The SNB left the policy rate unchanged at 0% in today's meeting, as firmly expected.

The overall message, in our view, was fairly unchanged and does not signal a change in Franziska Fischer

Economistthe policy stance in the near future. Two elements of the monetary policy statement and

franziska.fischer@ubs.com

the introductory statement stood out to us. First, the SNB sees the current policy stance +41-44-239 2054

as appropriate with medium-term inflationary pressures "virtually unchanged"

compared to March. There were some slight upward revisions to inflation, but these Anna Titareva

were solely driven by higher energy prices with no sign of second-round effects. As

anna.titareva@ubs.com

before, the statement kept the sentence "The SNB will continue to monitor the situation +44-20-7568 5083

and adjust its monetary policy if necessary, in order to ensure price stability." Second, the

only nuance introduced at this meeting was the acknowledgement of the weaker Reinhard Cluse

CHF since March, by no longer stating that a stronger CHF was lowering medium-term

reinhard.cluse@ubs.com

inflation pressure. Related to this, the FX intervention language was slightly modified +44-20-7568 6722

relative to March by adding "if necessary": "If necessary, the SNB has an increased

Alvise Marinowillingness to intervene in the foreign exchange market." While this could be read as a

Strategist

downscaling of the intervention willingness, we believe it is more likely stating the