08:30 AM BST, Switzerland - SNB Interest Rate Decision (Q3) for December:
- actual 0.00%; forecast 0.00%; previous 0.00%;
The SNB kept its policy rate at 0% (sight deposits paid at the policy rate up to a threshold, with a 0.25 pp discount above) and remains ready to intervene in FX. Inflation has ticked up to 0.2% but pressure is broadly unchanged; the forecast stays within price stability with averages of 0.2% (2025), 0.5% (2026) and 0.7% (2027), assuming a 0% rate. Global growth has softened amid US tariffs and uncertainty, and Switzerland’s Q2 growth slowed after a strong Q1, with unemployment edging higher. Tariffs are weighing on exports and investment—especially machinery and watchmaking—so the SNB still sees 1–1.5% GDP growth in 2025 and just under 1% in 2026, with risks centered on US trade policy and global conditions.
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