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The Swiss National Bank (SNB) cut its policy rate by 25 basis points to 0.25% in March 2025, the lowest since September 2022, as expected amid low inflation and economic uncertainty. It marks the central bank’s fifth cut in the current cycle. Inflation has declined from 0.7% in November to 0.3% in February, mainly due to lower electricity prices, though domestic services continue to drive price growth. The SNB’s inflation forecast remains stable, projecting 0.4% for 2025 and 0.8% for both 2026 and 2027, assuming the rate stays at 0.25%. Switzerland’s economy grew steadily in late 2024, supported by services and parts of manufacturing, though unemployment edged higher. The SNB expects GDP growth of 1% to 1.5% in 2025, driven by higher real wages and easier monetary policy, though weak global demand could weigh on trade. Growth is forecast at 1.5% for 2026, but uncertainties remain, with geopolitical and trade risks posing potential threats.