Back to today’s briefing

Story perspectives

Swiss National Bank Holds Rates Amid Tariff Concerns

9/26/2025

24 1

Summary

Story summary

The Swiss National Bank (SNB) kept its rate at zero, the first hold since March 2024.
Officials cited a 39% U.S. tariff's impact on Swiss goods, but only 4% of exports are affected.
Growth for 2026 is seen just under 1% (down from 1-1.5%), with inflation in the 0-2% range.
A summary of discussions will be released on October 23.

1 of 1

Story summary

The Swiss National Bank (SNB) kept its rate at zero, the first hold since March 2024.
Officials cited a 39% U.S. tariff's impact on Swiss goods, but only 4% of exports are affected.
Growth for 2026 is seen just under 1% (down from 1-1.5%), with inflation in the 0-2% range.
A summary of discussions will be released on October 23.