The SNB appears comfortable maintaining its stance after board member Petra Tschudin said current interest rates are appropriate given Switzerland’s inflation outlook. In an interview with TeleZueri, she noted that the SNB’s forecasts place inflation between 0% and 2% over the medium term, consistent with its definition of price stability.
“From that perspective, interest rates are where they should be,” she said, adding that the central bank’s stance remains well calibrated to current conditions. Tschudin’s remarks were interpreted as a signal that the SNB will keep its policy rate at 0% for the foreseeable future.
Tschudin acknowledged that global conditions are shifting quickly but said there is no justification for reintroducing negative rates. “The central bank would only deploy negative rates if necessary,” she said, “but with the current inflation forecasts there is no need.”
Elsewhere, Chairman Martin Schlegel reiterated that Swiss inflation should edge slightly higher in the next few quarters, though global growth remains pressured by U.S. tariff actions.
