SNB Seen Holding Rates at 0% Through 2026 as 0.6% Inflation and Franc Cap Price Pressure
Updated
Updated · Reuters · Jun 15
SNB Seen Holding Rates at 0% Through 2026 as 0.6% Inflation and Franc Cap Price Pressure
3 articles · Updated · Reuters · Jun 15
Summary
All 35 economists in a June 11-15 Reuters poll expect the Swiss National Bank to leave its key policy rate at 0% on June 18, with all 28 longer-range forecasts seeing no change through end-2026.
Swiss inflation was 0.6% in May, inside the SNB’s 0%-2% target band, as the stronger franc offset much of the energy-price shock tied to the U.S. war on Iran.
Only four economists expect one or two quarter-point increases in 2027, after SNB Chairman Martin Schlegel said medium-term inflation pressures had “hardly changed.”
The franc has gained nearly 1.2% against the euro this year, and economists said the SNB appears more focused on currency strength and possible FX intervention than on imported energy inflation.
Median forecasts put Swiss growth at 1.0% this year and 1.4% in 2027, both slightly weaker than in March, reinforcing expectations of a prolonged zero-rate stance.