SNB Holds Policy Rate at 0.0%, Softens FX Language Slightly

Research evidence excerpt

SNB Holds Policy Rate at 0.0%, Softens FX Language Slightly

Economics Research

18 June 2026 | 12:19PM CEST

BOTTOM LINE: The Swiss National Bank (SNB) kept the policy rate at 0.0% for the Niklas Garnadt

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fifth consecutive meeting today, in line with our forecast and consensus niklas.garnadt@gs.com

Goldman Sachs Bank Europe SE

expectations. It softened its intervention bias slightly, by adding that “if necessary” it

has an “increased” willingness to intervene in the FX market to counter rapid and

excessive appreciation of the Swiss Franc. The projected inflation path was raised

slightly through 2027Q1 owing to higher energy prices, but remained virtually

unchanged thereafter and is still within the price stability range for the entire

forecast horizon. Monetary conditions were assessed as appropriate and in the press

conference SNB Chair Martin Schlegel noted that at the moment it is not necessary

for the SNB to act. We thus continue to see the SNB on hold from here with risks to

both sides.

KEY NUMBERS:

SNB Policy Rate: 0.0%, GS: 0.0%, Consensus: 0.0%, Previous: 0.0%.

MAIN POINTS:

1. The Swiss National Bank (SNB) kept its policy rate at 0.0% for the fifth consecutive

Meeting, in line with our forecast and consensus expectations. Inflationary pressures

in the medium term are expected to remain virtually unchanged compared with

March’s monetary policy assessment, despite higher inflation in the short term owing

to the rise in energy prices. It retained the 25bp discount on sight deposits exceeding

a threshold, which continue to be remunerated at -0.25%. On FX, the SNB softened

its intervention bias slightly by adding that “if necessary” it has an “increased”

willingness to intervene in the FX market “to counter rapid and excessive