MNI SNB Preview - March 2026: Caught in Franc-Fuel Crossfire

DOWNLOAD FULL REPORT HERE

Executive Summary:

• An unchanged decision, keeping the policy rate at 0.00%, is the most likely outcome at Thursday’s meeting
• Focus will be on any signals on the balance of risks around CHF appreciation on the one hand and higher energy prices on the other
• Key to watch will be FX communications, as well as the conditional inflation forecast
• Schlegel’s opening remarks and later Q&A may then contain more comments on the monetary policy outlook