Swiss SNB Interest Rate Decision 0.00% vs. Exp. 0% (Prev. 0.00%); Willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions (prev. "increased willingness")

Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. Inflation Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly. Inflation rose slightly, from 0.6% in May to 0.8% in August. This increase was attributable to a rise in goods inflation, mainly driven by higher prices for oil products. Global inflation is likely to remain elevated for some time. Economy Expects moderate growth for the coming quarters. For 2026 as a whole, the SNB currently expects growth of between 1.5% and 2%. The SNB continues to expect growth of around 1.5% for 2027. Global economic growth was stronger than expected in the second quarter. Anticipates that growth in the global economy will be moderate over the coming quarters. Uncertainties The baseline scenario remains subject to high uncertainty because of the situation in the Middle East. The trade policy environment also remains uncertain. Forecasts: