Swiss National Bank to hold policy rate at 0% through 2026 as inflation stays ultra-low

The Swiss National Bank isn’t touching the thermostat. A Reuters poll found that 28 out of 29 economists expect the SNB to keep its policy rate pinned at 0% for the entirety of 2026, and the central bank appears happy to oblige.

The SNB confirmed this trajectory at its March 19, 2026 meeting, holding rates unchanged for the second consecutive time.

The numbers behind the freeze

The bank’s conditional inflation forecast projects average inflation of just 0.5% for both 2026 and 2027. That ticks up ever so slightly to 0.6% in 2028. The SNB defines price stability as inflation between 0% and 2%, meaning current readings are hugging the floor of that range.

GDP growth for 2026 is forecast at around 1%. That improves modestly to approximately 1.5% in 2027.