SNB Holds at Zero and Nudges the 2026 Growth View Lower

ZURICH - The Swiss National Bank left the policy rate at 0 percent and said medium-term inflationary pressure was virtually unchanged. The conditional forecast put average inflation at 0.2 percent for 2025, 0.3 percent for 2026 and 0.6 percent for 2027, assuming zero throughout.

For 2025 as a whole the bank expects GDP growth of just under 1.5 percent. For 2026 it expects around 1 percent. Unemployment is likely to rise somewhat. The franc and tariffs still sit in the risk paragraph.

Mortgages into the new year

Households refinancing in January will not get a drama. They will get a continuation. Exporters will still watch the euro more than the adjective 'unchanged'.