Swiss SNB Interest Rate Decision 0.00% vs. Exp. 0% (Prev. 0.00%); Remains ready to intervene in the FX market if needed

The phrasing that medium-term inflationary pressure has risen only slightly, paired with global growth as the main risk, is the standard conditional framing the SNB has used to keep both directions open without committing to either. The distinction worth drawing is between verbal intervention readiness and actual franc-selling operations: the former has typically been enough to lean against appreciation at the margin, while sustained episodes of safe-haven inflow have on past occasions required visible balance-sheet expansion to shift the exchange rate. Rate differentials against the ECB remain the dominant driver of EUR/CHF, so the relative path matters more than the SNB's stance in isolation. The follow-ons are the inflation forecast revisions underpinning the statement, any shift in intervention language from readiness to activity, and sight deposit data as the tell for whether words have become operations.