The Swiss National Bank's sustained 0% policy rate since mid-2025, paired with inflation forecasts of 0.7-0.8% for 2027-2028 remaining well inside the 0-2% price-stability band, underpins the 58.5% implied probability of no change at the June 2027 assessment. Energy-driven price pressures have lifted near-term readings modestly higher, yet medium-term inflationary pressures show little net shift, while a still-resilient Swiss franc and subdued global growth limit the case for immediate tightening or easing. Recent bank surveys pointing to possible 25 basis point hikes only in the first half of 2027 help explain the secondary 24.5% probability on a modest increase, with downside risks capped by the SNB's willingness to intervene in FX markets if the franc strengthens excessively.