刚刚！宣布，0利率！

Core Viewpoint - The Swiss National Bank (SNB) has decided to maintain its benchmark interest rate at 0%, marking a pause in its easing cycle that began in March 2024, with officials avoiding a return to negative interest rates [2][4][10]. Monetary Policy - The SNB's decision aligns with market expectations, as inflation pressure has remained stable compared to the previous quarter. The bank will continue to monitor the situation and adjust its monetary policy as necessary [4][12]. - The central bank has indicated that reintroducing negative interest rates would pose risks to the financial system, setting a higher threshold for such a move [4][10]. Inflation and Economic Outlook - Current inflation is at 0.2%, slightly above the SNB's forecast, but still within the target range of 0%-2%. The bank projects average inflation of 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027 [4][9][12]. - The global economic outlook remains uncertain, influenced by U.S. trade policies and high levels of uncertainty. The SNB expects GDP growth for 2025 to be between 1% and 1.5%, with a slight decline anticipated for 2026 due to tariffs and uncertainty [14][15]. Currency Strength - The Swiss franc has strengthened significantly this year, rising over 12% against the U.S. dollar and nearly 1% against the euro, making it one of the best-performing currencies in the G10 [7][9]. - The SNB's cautious approach to the strengthening franc allows it to observe capital inflows without immediate intervention, particularly as the franc reached a ten-year high against the dollar [4][7]. Export Challenges - Swiss exporters, particularly in the machinery and watch sectors, face challenges due to high tariffs imposed by the U.S., which are likely to suppress exports and investment [8][9][14]. - The economic outlook for Switzerland has deteriorated due to these tariffs, with the central bank highlighting the potential negative impact on the economy [9][14].