The Swiss National Bank’s latest monetary policy assessment left the policy rate at 0%, with inflation at 0.8–1.0% in recent months remaining comfortably inside the 0–2% target range. This outcome, reinforced by a conditional inflation forecast that stays within price stability even after modest upward revisions tied to energy prices and franc weakening, underpins the 60.5% implied probability of no change in March 2027. Traders assign a 23.5% chance to a 25-basis-point hike, reflecting expectations that any normalization will likely begin no earlier than mid-2027 given subdued domestic price pressures and resilient but non-overheating growth. Key near-term catalysts include October CPI data and the December assessment, which could shift rate-path expectations if imported inflation persists.