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Switzerland: Swiss National Bank decreases rates in June
Latest bank decision: At its meeting on 19 June, the Swiss National Bank (SNB) lowered the policy rate by 0.25 percentage points to 0.00%.
Weak inflation drives decision: The key domestic factor influencing the SNB’s decision was weak headline and core inflation—both have tracked below 1.0% for months, with headline inflation turning negative in May. Moreover, the Bank forecasts headline inflation to remain close to 0% in the coming quarters.
Policy outlook: The SNB stated its willingness to adjust its monetary policy as necessary to ensure inflation remains in line with the target of being positive but below 2.0%. Some panelists see rates on hold for the remainder of the year, though several others see a final 25 basis-point cut in order to support price pressures.
