https://www.snb.ch/en/news-publications/news News on the Swiss National Bank (SNB) website SNB 2026-09-11T15:49:00Z Copyright © Swiss National Bank, Zurich (Switzerland) 2026 2026-09-11T15:49:00Z https://www.snb.ch/en/srv/disclaimer https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260911_msl https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260911_msl Die Schweizer Wirtschaft im globalen Umfeld 2026-09-11T09:15:00Z SNB Die Schweizer Wirtschaft im globalen Umfeld https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260911_msl Martin Schlegel Chairman of the Governing Board Tag der Wirtschaft 2026 - economiesuisse, Lucerne 2026-09-11T09:15:00Z en https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_11 This paper investigates the impact of monetary policy announcements (MPAs) on household inflation expectations using microdata from the Swiss Consumer Sentiment Survey. Employing an event study approach, we reveal an asymmetric response: while policy rate hikes or decisions to keep rates constant reduce household inflation expectations, rate cuts fail to elicit a reaction. The effect is particularly robust for short-term expectations, with a much less clear-cut influence on long-term expectations. Households across the expectation distribution - both moderate and extreme - react to announcements, indicating a broad impact. We find that household reactions are driven primarily by the anticipated component of policy rate changes, whereas surprising moves tend to be interpreted as signals of new information regarding inflationary pressure. Finally, we report that demographic heterogeneity matters: the effect of MPAs is driven by German-speaking households and tertiary-educated individuals, while others show no consistent response, underscoring the importance of targeted communication strategies for effective monetary policy transmission. https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_11 Do Swiss households revise their inflation expectations after monetary policy announcements? 2026-09-08T22:00:00Z SNB Household inflation expectations Household heterogeneity Event study Monetary policy Central bank communication Reaction to news Do Swiss households revise their inflation expectations after monetary policy announcements? https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_11 This paper investigates the impact of monetary policy announcements (MPAs) on household inflation expectations using microdata from the Swiss Consumer Sentiment Survey. Employing an event study approach, we reveal an asymmetric response: while policy rate hikes or decisions to keep rates constant reduce household inflation expectations, rate cuts fail to elicit a reaction. The effect is particularly robust for short-term expectations, with a much less clear-cut influence on long-term expectations. Households across the expectation distribution - both moderate and extreme - react to announcements, indicating a broad impact. We find that household reactions are driven primarily by the anticipated component of policy rate changes, whereas surprising moves tend to be interpreted as signals of new information regarding inflationary pressure. Finally, we report that demographic heterogeneity matters: the effect of MPAs is driven by German-speaking households and tertiary-educated individuals, while others show no consistent response, underscoring the importance of targeted communication strategies for effective monetary policy transmission. Alexander Goetz Alexander Goetz Lucas Kyriacou Lucas Kyriacou Florence Miguet Heimlicher Florence Miguet Heimlicher Stefanie Siegrist Stefanie Siegrist Alexander Goetz, Lucas Kyriacou, Florence Miguet Heimlicher and Stefanie Siegrist 2026 SNB Working Papers 2026-11 E31 E52 E71 D84 2026-09-08T22:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_gwd Important monetary policy data, 7 September 2026 2026-09-07T08:00:00Z SNB Important monetary policy data, 7 September 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_gwd 2026-09-07T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_wki https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_wki Exchange rate indices, September 2026 2026-09-07T07:00:00Z SNB Exchange rate indices, September 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_wki 2026-09-07T07:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_sddsplus https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_sddsplus IMF SDDS Plus, 7 September 2026 2026-09-07T07:00:00Z SNB IMF SDDS Plus, 7 September 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260907_sddsplus 2026-09-07T07:00:00Z en https://www.snb.ch/en/publications/communication/press-releases-restricted/pre_20260902 https://www.snb.ch/en/publications/communication/press-releases-restricted/pre_20260902 Federal Council appoints Christoph Ammann as new President of SNB Bank Council 2026-09-02T10:15:00Z SNB Federal Council appoints Christoph Ammann as new President of SNB Bank Council https://www.snb.ch/en/publications/communication/press-releases-restricted/pre_20260902 2026-09-02T10:15:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260901_a https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260901_a Interest rates and exchange rates, September 2026 2026-09-01T12:30:00Z SNB Interest rates and exchange rates, September 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/09/statpub_news_20260901_a 2026-09-01T12:30:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260831_gpe https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260831_gpe Current challenges of monetary policy 2026-08-31T10:10:00Z SNB Current challenges of monetary policy https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260831_gpe Petra Tschudin Member of the Governing Board Meet the expert, EPFL Innovation Park, Ecublens/Lausanne 2026-08-31T10:10:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_gwd Important monetary policy data, 31 August 2026 2026-08-31T08:00:00Z SNB Important monetary policy data, 31 August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_gwd 2026-08-31T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_c https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_c SNB balance sheet items end of July 2026 2026-08-31T07:00:00Z SNB SNB balance sheet items end of July 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_c 2026-08-31T07:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_sddsplus https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_sddsplus IMF SDDS Plus, 31 August 2026 2026-08-31T07:00:00Z SNB IMF SDDS Plus, 31 August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260831_sddsplus 2026-08-31T07:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260826_anmar The SNB’s core mandate is to ensure price stability. Alongside this, it is also tasked with contributing to the stability of the financial system. With this hierarchy, the legislator gives precedence to price stability over the SNB’s role in financial stability.  Monetary policy and financial stability interact with each other. A stable financial system is essential to achieving macroeconomic stability. Furthermore, a well-functioning banking sector is important for the effective transmission of monetary policy. At the same time, price stability provides an important foundation for financial stability. Nonetheless, price stability does not preclude the build-up of financial vulnerabilities.  Because the monetary policy actions required to achieve price stability do not always ensure financial stability, dedicated macroprudential tools are needed as a complement. This is even more important since the SNB does not lean against the wind. In Switzerland, the countercyclical capital buffer constitutes such an instrument.  Three recent examples illustrate the interaction:  The crisis at Credit Suisse showed that financial stability is a precondition for price stability and illustrated how important sufficient buffers are for ensuring smooth monetary policy transmission.  The phase of globally low interest rates from 2009 until 2021 highlighted how vulnerabilities can emerge and how the SNB addressed them with macroprudential tools.   The monetary policy tightening cycle from 2022 until 2023 demonstrated that the measures required from a monetary policy perspective aligned with those required from a financial stability perspective.  The interaction of monetary policy and financial stability underscores the importance of a resilient financial system. It also highlights the need for the ability to strengthen resilience in the system in a targeted manner when vulnerabilities are building up. Banks can and will lend only if they have sufficient capital. A sound macroprudential policy can ensure just that. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260826_anmar Monetary policy and financial stability at the SNB: the role of macroprudential tools 2026-08-26T16:15:00Z SNB Monetary policy and financial stability at the SNB: the role of macroprudential tools https://www.snb.ch/en/publications/communication/speeches/2026/ref_20260826_anmar The SNB’s core mandate is to ensure price stability. Alongside this, it is also tasked with contributing to the stability of the financial system. With this hierarchy, the legislator gives precedence to price stability over the SNB’s role in financial stability.  Monetary policy and financial stability interact with each other. A stable financial system is essential to achieving macroeconomic stability. Furthermore, a well-functioning banking sector is important for the effective transmission of monetary policy. At the same time, price stability provides an important foundation for financial stability. Nonetheless, price stability does not preclude the build-up of financial vulnerabilities.  Because the monetary policy actions required to achieve price stability do not always ensure financial stability, dedicated macroprudential tools are needed as a complement. This is even more important since the SNB does not lean against the wind. In Switzerland, the countercyclical capital buffer constitutes such an instrument.  Three recent examples illustrate the interaction:  The crisis at Credit Suisse showed that financial stability is a precondition for price stability and illustrated how important sufficient buffers are for ensuring smooth monetary policy transmission.  The phase of globally low interest rates from 2009 until 2021 highlighted how vulnerabilities can emerge and how the SNB addressed them with macroprudential tools.   The monetary policy tightening cycle from 2022 until 2023 demonstrated that the measures required from a monetary policy perspective aligned with those required from a financial stability perspective.  The interaction of monetary policy and financial stability underscores the importance of a resilient financial system. It also highlights the need for the ability to strengthen resilience in the system in a targeted manner when vulnerabilities are building up. Banks can and will lend only if they have sufficient capital. A sound macroprudential policy can ensure just that. Antoine Martin Vice Chairman of the Governing Board University of Basel, Basel 2026-08-26T16:15:00Z en https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_10 While money has evolved from natural commodities to digital tokens, the debate about the ideal money has remained the same throughout the ages. Historical controversies about the origin, nature, and double-spending of money offer valuable insights for navigating the new forms of money tokens such as cryptocurrencies, central bank digital currencies and stablecoins. https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_10 Yesterday's controversies for tomorrow's money 2026-08-24T22:00:00Z SNB Natural law of money State theory of money Economic good theory of money Credit theory of money Double-spending of money Yesterday's controversies for tomorrow's money https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_10 While money has evolved from natural commodities to digital tokens, the debate about the ideal money has remained the same throughout the ages. Historical controversies about the origin, nature, and double-spending of money offer valuable insights for navigating the new forms of money tokens such as cryptocurrencies, central bank digital currencies and stablecoins. Romain Baeriswyl Romain Baeriswyl Romain Baeriswyl 2026 SNB Working Papers 2026-10 E40 E42 E50 2026-08-24T22:00:00Z en https://www.snb.ch/en/publications/communication/interviews/int_20260824_gpe https://www.snb.ch/en/publications/communication/interviews/int_20260824_gpe Interview with Petra Tschudin in the "Finanz und Wirtschaft" newspaper 2026-08-24T10:00:00Z SNB Interview with Petra Tschudin in the "Finanz und Wirtschaft" newspaper https://www.snb.ch/en/publications/communication/interviews/int_20260824_gpe 2026-08-24T10:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260824_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260824_gwd Important monetary policy data, 24 August 2026 2026-08-24T08:00:00Z SNB Important monetary policy data, 24 August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260824_gwd 2026-08-24T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260821_bsta https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260821_bsta Monthly banking statistics, August 2026 2026-08-21T07:00:00Z SNB Monthly banking statistics, August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260821_bsta 2026-08-21T07:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260821_b https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260821_b Economic data, August 2026 2026-08-21T07:00:00Z SNB Economic data, August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260821_b 2026-08-21T07:00:00Z en https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20260817 https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20260817 New Director at Study Center Gerzensee 2026-08-17T11:00:00Z SNB New Director at Study Center Gerzensee https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20260817 2026-08-17T11:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260817_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260817_gwd Important monetary policy data, 17 August 2026 2026-08-17T08:00:00Z SNB Important monetary policy data, 17 August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260817_gwd 2026-08-17T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260814_sddsplus https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260814_sddsplus IMF SDDS Plus, 14 August 2026 2026-08-14T07:00:00Z SNB IMF SDDS Plus, 14 August 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/08/statpub_news_20260814_sddsplus 2026-08-14T07:00:00Z en