Swiss National Bank holds rates in June

Latest bank decision: At its meeting on 18 June, the Swiss National Bank (SNB) held the policy rate at 0.00%.

SNB in wait-and-see mode: The Bank’s decision to hold was likely motivated by the desire to assess the impact of the 175 basis points of rate cuts implemented since early last year. Inflation is currently low but positive, with elevated international uncertainty driven by geopolitical volatility in the Middle East a further reason to stay on hold.

Bank likely to remain on hold: All panelists predict rates will stay unchanged until end-2026, given moderate inflation and economic growth should provide little pressure to hike or cut.

Panelist insight: ING’s Charlotte de Montpellier said: “[The] decision confirms that the Swiss National Bank remains in a relatively comfortable position and arguably more so than most other central banks. This is likely to remain the case in the coming months. As a result, the SNB can afford to stay on hold and we expect this to remain the case over the coming years.”

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