The Swiss National Bank's Governing Board decided at its 22-23 September 2026 assessment to keep the SNB policy rate unchanged at 0%, announcing the decision on 24 September. Since the June assessment, global bond yields rose on expectations of higher interest rates in major currencies, driven by energy prices, a robust economy, fiscal uncertainty and heavy AI-related bond issuance, while stock markets stayed firm. The Swiss franc depreciated by around 3% in trade-weighted terms, widening rate differentials and making it attractive as a funding currency for carry trades. Residential property prices kept rising and Confederation bond yields shifted upward, but the franc's depreciation outweighed the higher rates, so monetary conditions eased overall. The board judged monetary policy remains expansionary, with well-anchored inflation expectations.
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Original headline: Monetary policy assessment of September 2026 : Summary of discussion
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