The Swiss National Bank’s September 2026 monetary policy assessment left the policy rate unchanged at zero, with the conditional inflation forecast showing average annual rates of 0.7% for 2026 and 0.8% for 2027–2028 under an unchanged-rate assumption. September CPI rose to 1.0% year-over-year—the highest in two years—driven by energy prices and a weaker franc, yet core measures stayed subdued with no evident second-round effects. This trajectory, combined with the SNB’s explicit willingness to conduct foreign-exchange interventions if needed, underpins the market-implied odds heavily favoring no change at the December 10 meeting. Traders appear to price limited scope for a 25 basis point hike absent clearer sustained inflation momentum above the 0–2% target band, while upcoming monthly CPI releases and global rate paths remain key near-term inputs.