ECB's De Guindos: We're at inflation target, uncertainty very high

At the monetary policy assessment of 9 and 10 December 2025, the Governing Board of the Swiss National Bank decided to leave the SNB policy rate unchanged at 0%. The SNB communicated its monetary policy decision to the public on 11 December 2025. The decision was preceded by an analysis and discussion of the monetary policy conditions and the economic conditions. Areas covered included the situation on the financial markets, monetary indicators, international conditions, the economic situation and the economic outlook for Switzerland. The decision was taken by Martin Schlegel (Chairman of the Governing Board), Antoine Martin (Vice Chairman of the Governing Board) and Petra Tschudin (Member of the Governing Board). In addition to the Members of the Governing Board, the following also took part on the first day of the assessment: Alternate Members of the Governing Board Attilio Zanetti, Rosmarie Schlup, Sébastien Kraenzlin and Thomas Moser; representatives of the divisions Economic Affairs, Money Market and Foreign Exchange, Financial Stability, International Monetary Cooperation and the Secr SNB: Governing board and the alternate members of the governing board discussed the latest developments at US companies active in the field of AI SNB: High stock market valuations of these companies were addressed with the experts SNB Minutes: Inflation At Goal Within Forecast Period - Monetary Conditions Currently Appropriate - Monetary Policy Having An Expansionary Effect - Neither Hikes Or Cuts Appropriate In December - Willing To Be Active In FX Market As Necessary