The minutes of the Swiss National Bank’s latest rate-setting meeting, released Thursday, show officials expect inflation to rise gradually, helping them avoid reducing or raising rates.

As expected, the SNB maintained its 0% policy rate on December 11, the lowest among major central banks.
Despite falling inflation, the central bank said its long-term estimates were in line with its 0-2% price stability target.
On Thursday, the Federal Statistics Office reported that December prices rose 0.1%. The SNB predicted 0.3% inflation in 2026 and 0.6% in 2027.

The SNB also noted that the drop in U.S. tariffs on Swiss goods from 39% to 15% enhanced the economic outlook.
In 2025, Swiss companies rushed to supply the U.S. before tariffs, causing GDP to fall in the third quarter.
“These compensations are now expected to have been completed,” SNB stated.