MNI SNB Review - March 2026: Hike Out of the Question For Now

DOWNLOAD FULL REPORT HERE

Full pdf includes a rough transcript of the post-announcement press conference Q&A as well as 17 analyst views on the decision.

Executive Summary:

• SNB held its policy rate at 0.0%, meeting market and analyst consensus
• The meeting had a dovish tilt, with a marginally downwardly revised medium-term inflation forecast, forceful language against CHF appreciation and Schlegel not ruling out negative rates in the press conference
• Having said that, Schlegel did imply that the bank’s current inflation base case is based on energy prices retracing in the not-too-distant future, and further upward pressure on oil could also filter through to inflation longer term
• Market pricing saw some net dovish adjustments over the decision, as the bank signalled it is quite far away from hikes at the current juncture, which is also reflected in EURCHF reaching 2-week highs in the aftermath of the decision