SNB holds policy rate at 0%, flags FX intervention as inflation rises on energy

The Swiss National Bank left its policy rate unchanged at 0% and kept the sight deposit discount at 0.25pp, while reiterating willingness to intervene in FX markets. Inflation has risen since June, driven by higher energy prices, but medium-term pressure increased only slightly. The unchanged policy stance with an FX intervention bias signals a cautious, data-dependent approach amid energy-driven price pressures.