SNB Chairman Schlegel (post-policy statement) says the SNB is also willing to be active in the FX market as necessary to ensure appropriate monetary conditions

Inflation has risen further since June, primarily due to higher energy prices. Medium-term inflationary pressure has increased only slightly. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development. Inflation rose slightly, from 0.6% in May to 0.8% in August, due to a rise in goods inflation. The rise in goods inflation was mainly driven by higher prices for oil products. Inflation is to decline over the course of 2027 due to the fact that energy inflation, which is currently significantly elevated, is likely to decline again in the coming quarters. The Swiss franc has depreciated by around 3% on a trade-weighted basis. This depreciation was in line with the widening of interest rate differentials between the major currency areas and Switzerland. We will therefore continue to monitor the situation and adjust our monetary policy if necessary, to ensure appropriate monetary conditions