SNB Leaves Policy Unchanged at Its March Assessment

ZURICH - The Swiss National Bank left its policy rate unchanged at Thursday's quarterly assessment and repeated that it remains willing to intervene in the foreign-exchange market. Inflation is still described as within the range consistent with price stability. Growth for 2026 is described as modest.

Exporters in the Jura and on the Rhine wanted a weaker franc. Households with mortgages wanted a signal that cheap money is a fixture. They heard a hold.

Europe's other bank

ECB decisions still leak into Swiss loan desks even when the SNB does not move. The later Frankfurt hold is in our September report.