这家央行，距负利率仅一步之遥

Core Points - The Swiss National Bank (SNB) decided to maintain the key policy interest rate at 0%, marking the second consecutive time it has kept rates unchanged [1][2] - Inflation remains a critical factor influencing the SNB's monetary policy, with recent inflation rates slightly below expectations, but medium-term inflation pressure showing little change compared to the last assessment [1] - The SNB projects average annual inflation rates for Switzerland at 0.2%, 0.3%, and 0.6% for the years 2025, 2026, and 2027, respectively [1] - Economic growth outlook for Switzerland has slightly improved due to reduced U.S. tariffs and a modest recovery in the global economy, with GDP growth expected to be just below 1.5% in 2025 and around 1% in 2026 [2] - The SNB has shifted from a period of rate cuts to a more cautious monetary policy stance, having previously implemented a negative interest rate policy for seven years [2] - The possibility of returning to negative interest rates is not completely ruled out, but the current situation requires careful consideration before making such a decision [2]