Will the SNB cut rates in December 2026?
There is no consensus figure yet for the Dec 10, 2026 decision. The rate is 0.00%, and the last move was −25 bp on Jun 19, 2025.
Figures as of Nov 3, 2026, 10:15 AM UTC.
What the data says
The latest run of moves was 6 cuts totalling 175 bp, from Mar 21, 2024 to Jun 19, 2025.
At its latest decision, on Sep 24, 2026, the SNB: held at 0.00%, as expected.
Since 2008 the SNB matched the consensus in 61 of the 65 decisions the calendar has one for, came out above it in 1 and below it in 3. That is a record of the consensus. The SNB rate odds turn the same record into the chance of each move at each meeting, with how right they have been.
Read the full preview on the SNB December 2026 decision page, the SNB rate history since 2008, or every central bank's rate today.
The next SNB decisions
| Date | Time | Expected |
|---|---|---|
| Dec 10, 2026 | 9:30 AM Zurich | No consensus yet |
| Mar 18, 2027 | 9:30 AM Zurich | No consensus yet |
| Jun 24, 2027 | 9:30 AM Zurich | No consensus yet |
| Sep 23, 2027 | 9:30 AM Zurich | No consensus yet |
The last 8 SNB decisions against the consensus
| Date | Decision | Against expected |
|---|---|---|
| Sep 24, 2026 | hold 0.00% | as expected |
| Jun 18, 2026 | hold 0.00% | as expected |
| Mar 19, 2026 | hold 0.00% | as expected |
| Dec 11, 2025 | hold 0.00% | as expected |
| Sep 25, 2025 | hold 0.00% | as expected |
| Jun 19, 2025 | cut 0.00% | as expected |
| Mar 20, 2025 | cut 0.25% | as expected |
| Dec 12, 2024 | cut 0.50% | 25 bp more dovish than expected |
SNB rates: questions
Will the SNB raise rates in December 2026?
There is no consensus figure yet for the Dec 10, 2026 decision. The rate is 0.00%, and the last move was −25 bp on Jun 19, 2025. This is what economists expect, not a promise of what the bank will do.
Will the SNB cut rates in December 2026?
There is no consensus figure yet. The last move was cut 25 bp to 0.00% on Jun 19, 2025.
When is the next SNB decision?
Thursday, December 10, 2026 at 9:30 AM Zurich. The press conference follows at 10:00 AM Zurich.
How often is the consensus right about the SNB?
Since 2008 the SNB matched the consensus in 61 of the 65 decisions the calendar has one for, came out above it in 1 and below it in 3. Agreement on the number does not say how price reacts: an expected move is usually already in the price.
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