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The Swiss National Bank left its policy rate unchanged at 0%, maintaining the 0.25 percentage point discount on sight deposits above the set threshold, and reaffirmed its readiness to intervene in foreign exchange markets if needed. Inflationary pressure remains subdued, with inflation edging up to 0.2% in August from -0.1% in May, driven mainly by tourism and imported goods. The SNB projects inflation at 0.2% in 2025, 0.5% in 2026, and 0.7% in 2027, assuming the policy rate stays at 0%. Global growth slowed in early 2025, weighed down by US tariffs and uncertainty, with the SNB expecting subdued expansion ahead. In Switzerland, GDP growth softened to 0.5% in Q2 after a strong Q1 boosted by pharmaceutical exports. Higher US tariffs are set to dampen exports and investment, particularly in machinery and watchmaking, while services remain resilient. The SNB forecasts 1–1.5% GDP growth in 2025, slowing to just under 1% in 2026, with unemployment expected to rise further.