Pansen Macro’s Ankita Amajuri says the Swiss National Bank could raise rates in
Q1 2027 as inflation is likely to exceed the SNB’s expectations. Inflation is
projected near the midpoint of the SNB’s 0–2% target in early 2027; a
risk-averse SNB may use that window to hike and create policy space to address
future deflation without reverting to negative policy rates. The Swiss National
Bank chairman has said the bank has flexibility but has repeatedly warned the
bar to return to negative rates is high.
