The Swiss National Bank’s September 2026 decision to hold the policy rate at 0% aligns with inflation rising only to 0.8% in August—still well inside the 0-2% price-stability band—despite energy-driven pressures. Medium-term forecasts show average annual inflation near 0.7-0.8% through 2028 under unchanged policy, with only modest upward revisions to near-term projections. The SNB cited appropriate monetary conditions for both stability and growth, while reiterating readiness for foreign-exchange intervention if the franc’s path threatens imported inflation. This outcome produced the 100% market-implied probability of no change. A sharper sustained acceleration above 2% or an abrupt franc depreciation that lifts imported prices could still prompt reconsideration at future meetings.