Swiss National Bank Statement Changes: September 24, 2026 vs June 18, 2026

The Swiss National Bank’s September statement reflects an upward revision in inflation and growth expectations. Inflation “has risen further since June, primarily due to higher energy prices,” with the “forecast for the shorter term is higher compared with the last monetary policy assessment.” Annual inflation forecasts were raised for 2026, 2027, and 2028. Global economic growth was “stronger than expected in the second quarter,” and “Swiss GDP growth was exceptionally strong in the second quarter.” The SNB now expects 2026 Swiss growth “between 1.5% and 2%,” up from “around 1%.” Key interest rates were noted as having been “raised both in the euro area and in the US.” A significant addition to the statement is the SNB’s willingness “to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions.” These changes suggest a more vigilant policy stance, acknowledging persistent inflationary pressures and robust economic activity, and explicitly highlighting the use of foreign exchange interventions as a policy tool.

Reworded
– Before: “Inflation has risen in recent months as a result of higher energy prices.”
– Now: “Inflation has risen further since June, primarily due to higher energy prices.”
– Before: “Medium-term inflationary pressure, however, is virtually unchanged compared with the last monetary policy assessment.”
– Now: “The forecast for the shorter term is higher compared with the last monetary policy assessment.”
– Before: “The SNB’s monetary policy is appropriate to keep inflation within the range consistent with price stability and it supports economic development.”
– Now: “Monetary policy is appropriate to keep inflation within the range consistent with price stability and supports economic development.”
– Before: “This increase was mainly attributable to higher prices for oil products.”
– Now: “This is due to the higher-than-expected prices for oil products.”
– Before: “According to the conditional inflation forecast, inflation will initially continue to increase slightly in the coming quarters, before declining again somewhat in the first half of 2027.”
– Now: “According to the conditional inflation forecast, inflation will continue to rise somewhat in the fourth quarter, before declining again over the course of 2027.”
– Before: “The forecast is within the range of price stability over the entire forecast horizon (cf. chart).”
– Now: “The conditional inflation forecast is within the range of price stability over the entire forecast horizon (cf. chart).”
– Before: “It puts average annual inflation at 0.6% for 2026, 0.6% for 2027 and 0.7% for 2028 (cf. table).”
– Now: “It puts average annual inflation at 0.7% for 2026, 0.8% for 2027 and 0.8% for 2028 (cf. table).”
– Before: “Global economic growth was solid overall in the first quarter.”
– Now: “Global economic growth was stronger than expected in the second quarter.”
– Before: “Key interest rates have been raised in the euro area, while they have remained unchanged in the US.”
– Now: “Key interest rates were raised both in the euro area and in the US.”
– Before: “In its baseline scenario, the SNB anticipates that inflation worldwide will remain elevated over the coming quarters due to the higher raw material prices.”
– Now: “In its baseline scenario, the SNB anticipates that growth in the global economy will be moderate over the coming quarters.”
– Before: “The baseline scenario remains subject to high uncertainty, above all because the situation in the Middle East is still fragile.”
– Now: “The baseline scenario remains subject to high uncertainty, above all because of the situation in the Middle East.”
– Before: “For example, raw material prices could turn out to be significantly higher than expected.”
– Now: “For example, energy prices could turn out to be significantly higher than expected.”

New this time
– “The SNB is also willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions.”
– “Medium-term inflationary pressure has increased only slightly.”
– “Inflation rose slightly, from 0.6% in May to 0.8% in August.”
– “This increase was attributable to a rise in goods inflation, which was positive in August for the first time since May 2024.”
– “The rise in goods inflation was mainly driven by higher prices for oil products.”
– “This decrease is due to the fact that energy inflation, which is currently significantly elevated, is likely to decline again in the coming quarters.”
– “Thereafter, the conditional inflation forecast rises slightly.”
– “For the medium term, too, the conditional inflation forecast is slightly higher than in the previous quarter, reflecting, among other things, the weakening of the Swiss franc.”
– “In many countries, inflation remains above central banks’ targets, notably due to the higher energy prices.”
– “Inflation is likely to remain elevated for some time.”
– “An unusually robust performance in the chemicals/pharmaceuticals industry meant that GDP overstated the underlying growth momentum.”
– “However, even without this effect, growth was solid and broad-based.”

Dropped
– “If necessary, the SNB has an increased willingness to intervene in the foreign exchange market.”
– “The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland.”
– “The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability.”
– “As expected, inflation has risen since the last monetary policy assessment, from 0.1% in February to 0.6% in May.”
– “The other goods and services made little contribution to the rise in inflation.”
– “This decrease is due to the impact of higher energy prices being likely to ease over time.”
– “Energy prices will be largely influenced by the further development of the situation in the Middle East.”
– “The forecast in the shorter term is slightly higher compared with the last monetary policy assessment.”
– “This is due to the rise in raw material prices and higher inflation abroad.”
– “In the medium term, the inflation forecast is practically unchanged.”
– “However, due to the escalation in the Middle East and the increase in energy prices, economic momentum slowed somewhat.”
– “Inflation has risen significantly in many countries as a result of higher energy prices.”

6 sentences carried over unchanged.

Sentence-level comparison of the two statements as published. This describes language changes, it is not trading advice.