ZURICH - The Swiss National Bank left the policy rate at 0 percent, saying inflationary pressure had barely changed since June. The conditional forecast still put average inflation at 0.2 percent for 2025, 0.5 percent for 2026 and 0.7 percent for 2027, assuming the rate stays at zero.
Sight-deposit rules were unchanged. The bank remains willing to act in the foreign exchange market. GDP growth for 2025 was still seen around 1 to 1.5 percent.
Politics in the other building
A monetary decision two days before a federal vote is coincidence on the calendar and irrelevant in the envelope. Households will not mix the two. Commentators will.