**Swiss National Bank decision in December?** The Swiss National Bank’s September 2026 decision to hold its policy rate at 0% and officials’ subsequent statements that monetary policy remains appropriate anchor the 75.5% implied probability of no change at the December 10 assessment. September CPI rose to 1.0% year-over-year—the highest in two years—driven by oil prices and a weaker franc, yet stays comfortably inside the 0–2% price-stability range, with the SNB’s conditional forecast showing only modest medium-term pressure at 0.7–0.8%. Stronger-than-expected GDP growth, revised upward by analysts amid resilient pharmaceuticals output, supports a modest 23.9% chance of a 25-basis-point hike, while geopolitical energy risks and the central bank’s emphasis on uncertainty limit expectations for larger moves. Traders are pricing in the SNB’s data-dependent approach ahead of the next inflation release and assessment.