The Swiss National Bank’s June 2026 assessment left the policy rate unchanged at 0%, aligning with the 70.5% implied probability of no change. Modest headline inflation rising to 0.6% in May from energy prices was offset by stable medium-term pressures, core readings near 0.3%, and the absence of second-round effects, keeping the conditional forecast comfortably inside the 0-2% price-stability range. The strong Swiss franc continued to dampen imported inflation, while the SNB signaled heightened readiness for foreign-exchange intervention if needed. These factors, reinforced by economist consensus ahead of the meeting, positioned a 25 basis point hike at just 25.5% and cuts below 2% combined. The next catalyst remains the December assessment and any further energy-driven CPI prints.