The Swiss National Bank kept its policy rate at 0% in its September 2026 meeting, in line with market expectations, stating that the current stance remains appropriate to maintain price stability and support economic development. Inflation rose to 0.8% in August from 0.6% in May, driven mainly by higher energy prices, while the SNB expects inflation to rise further in the fourth quarter before easing through 2027. The bank forecasts average inflation of 0.7% in 2026 and 0.8% in both 2027 and 2028. The SNB expects Swiss GDP growth of 1.5%-2% in 2026 and around 1.5% in 2027, while highlighting high uncertainty from Middle East tensions, global growth, trade policy and exchange rates. The SNB also said it remains willing to intervene in foreign exchange markets as necessary.