SNB Chairman says current situation with low inflation and 0% interest rates is not easy for monetary policy, according to SRF

The SNB Chairman's comments indicate a complex monetary policy landscape, suggesting that while they are open to the possibility of negative interest rates, the threshold has become more significant.

Newsquawk StaffPublished 2 Feb 2026, 19:01 UTCOn the live feed at 18:41 UTC — 1 more headline followed before this page went public

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SNB Chairman says current situation with low inflation and 0% interest rates is not easy for monetary policy, according to SRF

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Have noted many times are prepared to go into negative interest rates; but hurdles to go negative are higher.
Sees no alternative to US Treasuries for central bank reserves.
Expects swiss inflation to climb in coming months; sees monetary conditions in Switzerland as appropriate.

Context

His anticipation of rising inflation hints at a potential shift in the interest rate outlook, which could affect broader market dynamics, especially in fixed income and currencies. Overall, these remarks convey a firm yet cautious stance on monetary conditions in Switzerland, influencing market expectations for future SNB actions.

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