SNB Keeps Rate at Zero in First Easing Halt Since Early 2024

The Swiss National Bank halted its easing cycle, avoiding a return to negative interest rates as officials judge the impact of US tariffs to be containable for now.

President Martin Schlegel and his two colleagues kept their benchmark at zero, acknowledging that the 39% levy imposed by Donald Trump — the highest for any advanced economy — will cause pain, while insisting that the fallout isn’t yet widespread enough to justify a cut.