We will continue to observe the situation and adjust monetary policy where necessary to keep price stability
Low interest rate is effective through the exchange rate
Midterm inflation pressure is practically unchanged since the previous quarter
We remain ready to intervene in the currency market as necessary
Our monetary policy remains expansive
Monetary policy also supports growth
Uncertainty has declined slightly, compared to last assessment
Expect global economy to grow moderately over the next quarters
However, significant risks persist for global economy, with US tariffs among them
Monetary policy is appropriate
Cannot comment on future decisions
Important is the medium term outlook for inflation, which is basically unchanged

As expected, the SNB downplays the weaker inflation readings we saw in recent months and expects inflation to rise in the coming quarters due to the expansionary monetary policy and better economic growth forecasts.

As a reminder, the US lowered the tariffs on Swiss goods to 15% from the 39% they imposed previously, the highest level among European countries.

This just reaffirms once again that the SNB is unwilling to go back into NIRP (Negative Interest Rate Policy) without clear deflationary data or negative global economic shocks.