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The Swiss National Bank kept its policy rate at 0% during its final meeting of the year, retaining the 0.25 percentage point penalty on sight deposits above the set limit, and said it remains ready to intervene in foreign exchange markets if needed. Inflation remained muted, falling to 0.0% in November from 0.2% in August, driven by lower costs for hotels, rents, and clothing. The SNB projects inflation at 0.2% in 2025, 0.3% in 2026, and 0.6% in 2027, assuming the policy rate remains unchanged. Global growth exceeded expectations in Q3 2024 despite trade tensions, though risks from US tariffs and uncertain trade policies persist. Swiss GDP contracted in Q3, largely due to a pullback in pharmaceuticals after frontloaded US exports, while other manufacturing and services recorded modest gains. The SNB expects GDP growth of just under 1.5% in 2025, slowing to around 1% in 2026, with unemployment likely to rise modestly amid subdued economic activity.