SNB Sept 2025 policy review flags cautious stance on inflation

The Swiss National Bank (SNB) released its September 2025 monetary policy assessment on Thursday, outlining the key points of its policy deliberations. The summary emphasized a cautious stance toward inflation risks, noting that while price pressures have eased from earlier peaks, underlying inflation remains above the SNB’s medium-term target.

The assessment underscored that the central bank’s policy decisions will continue to prioritize price stability, with policymakers closely monitoring domestic demand and wage growth. The SNB reiterated its commitment to using all available tools to ensure inflation converges toward the 2% target over the medium term.

The discussion also addressed global economic conditions, including geopolitical tensions and their potential impact on energy prices and supply chains. The SNB acknowledged that external factors remain a key source of uncertainty, which could influence the inflation outlook and policy trajectory.

The summary did not include specific forward guidance on interest rates or balance sheet adjustments. Instead, it framed the policy stance as data-dependent, with decisions to be guided by incoming economic indicators and evolving risks.

The SNB’s next policy announcement is scheduled for December 2025, with markets widely expecting a cautious approach given the current assessment.