Swiss National Bank press conference — 18 June 2026

Swiss National Bank press conference, 18 June 2026. The SNB held rates at 0.00%. The SNB left its policy rate unchanged at 0% and expects it to remain there over the entire forecast horizon, while expressing increased willingness to intervene in FX markets to counter excessive Swiss franc appreciation. Overall, the tone is neutral-to-dovish: inflation has risen on energy prices but medium-term pressures are unchanged, and unemployment ha

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What this says

We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold.
Confirms the policy rate stays at the effective zero lower bound, with no change to the tiering discount — no near-term tightening signal for CHF rates.

If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland.
Flags activated FX intervention to cap franc strength — a balance-sheet tool doing the easing work the policy rate cannot, relevant for CHF carry.

Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment.
Frames the inflation uptick as energy-driven and transient, justifying holding rates despite headline rising from 0.1% to 0.6%.

Our forecast is based on the assumption that the SNB policy rate is 0% over the entire forecast horizon.
Explicitly conditions the inflation path on a flat 0% policy rate through 2028, signalling no hike is baked in even as inflation drifts up.

Despite this positive development overall, unemployment has risen somewhat since the last monetary policy assessment.
A softening labour market alongside solid GDP supports the case for keeping policy expansionary rather than tightening.

We therefore increased our willingness to intervene in the foreign exchange market at the beginning of March.
Confirms stepped-up FX intervention to cap franc strength, effectively easing financial conditions.

Interest rates in the major currency areas have since risen, in part because markets expect monetary policy tightening there due to the higher inflation. As the interest rate differentials with other countries have widened, the Swiss franc has depreciated somewhat.
Wider global rate differentials have weakened the franc, easing SNB intervention pressure but highlighting external tightening.

The risk of strong upward pressure thus persists. If necessary, we therefore have an increased willingness to intervene in the foreign exchange market.
Signals ongoing CHF-appreciation risk and readiness to expand the balance sheet via FX intervention.

Uncertainty about inflation and economic development is still high. We will therefore continue to monitor the situation and adjust our monetary policy if necessary, to ensure appropriate monetary conditions.
Symmetric, data-dependent guidance leaves the rate path open without pre-committing to a direction.

Transcript

Introductory remarks by the Governing Board, Swiss National Bank news conference

Ladies and gentlemen

On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB's news conference. After our introductory remarks, we will as usual be pleased to take any questions you may have.

Monetary policy decision

I will begin with our monetary policy decision. We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold is unchanged at 0.25 percentage points. If necessary, we have an increased willingness to intervene in the foreign exchange market. We thereby counter a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland.

Inflation has risen in recent months as a result of higher energy prices. Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment. Our monetary policy is appropriate to keep inflation within the range consistent with price stability and it supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability.

Authors

Chairman of the Governing Board

What this says

Transcript

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