The Swiss National Bank (SNB) surprised markets by keeping rates unchanged after its monetary policy meeting today (September 21).
As a result, the policy rate remains at 1.75%. This puts an end to a series of five consecutive rate increases the SNB started in June 2022, when the policy rate stood at -0.75%.
“The significant tightening of monetary policy over recent quarters is countering remaining inflationary pressure,” said the policy statement. Nonetheless, the central bank added: “From