Signal Monetary policy assessment of 24 September 2026

Summary

The Swiss National Bank left its policy rate at 0% in its monetary policy assessment of 24 September 2026. The sight deposit threshold discount stays at 0.25 percentage points. Inflation rose to 0.8% in August from 0.6% in May, and goods inflation turned positive for the first time since May 2024, mainly because of higher oil product prices. The conditional inflation forecast averages 0.7% in 2026 and 0.8% in both 2027 and 2028, within the price stability range. Second-quarter GDP growth was exceptionally strong, but the SNB says chemicals and pharmaceuticals overstated underlying momentum, and it expects growth of 1.5 to 2% in 2026. It lists the Middle East, energy prices and trade policy as the main uncertainties.