Swiss National Bank · meeting preview · 10 Dec 2026
Will the SNB cut or hike in December 2026?
As of 12 November 2026, markets price a 52% chance that the SNB raises rates at its 10 December 2026 meeting, with the policy rate implied at 0.13% after it, on WatchTower Terminal's read of exchange-traded futures (WatchTower model). The policy rate is 0.00% going in.
Two weeks earlier (29 Oct) the market leaned to a hold at 56%, so the lead has switched.
What is priced for 10 December
| Reading | Hike | Hold | Cut | Implied rate after |
|---|---|---|---|---|
| Now12 Nov | 52% | 48% | 0% | 0.13% |
| Two weeks before29 Oct | 44% | 56% | 0% | 0.11% |
| Four weeks before15 Oct | 80% | 20% | 0% | 0.20% |
Read from exchange-traded futures (WatchTower model) on WatchTower Terminal. The history starts with our daily snapshots; a row is missing where no market-built snapshot exists for that day.
And after December
- 18 Mar 202765% hike0.29%
- 24 Jun 202755% hike0.43%
- 23 Sept 202766% hold0.51%
Questions
Will the SNB hike in December 2026?
As of 12 November 2026, markets price a 52% chance that the SNB raises rates at its 10 December 2026 meeting, with the policy rate implied at 0.13% after it, on WatchTower Terminal's read of exchange-traded futures (WatchTower model). Two weeks earlier (29 Oct) the market leaned to a hold at 56%, so the lead has switched.
When is the SNB's December 2026 meeting?
The SNB's monetary policy assessment is on Thursday, 10 December 2026, per its own published calendar.
What are the odds for the SNB's December meeting?
As of 12 November 2026: hike 52%, hold 48%, cut 0%. The three are read from exchange-traded futures (WatchTower model).
What is priced after December?
18 Mar 2027: 65% hike, 0.29% implied; 24 Jun 2027: 55% hike, 0.43% implied; 23 Sept 2027: 66% hold, 0.51% implied.
- What is priced for the SNB, every meeting
- Every central bank meeting date in 2027
- The 2027 interest rate outlook
- CHF macro outlook
- CHF COT positioning
Other meetings coming up: Reserve Bank of Australia, 8 Dec · Federal Reserve, 9 Dec · Bank of Canada, 9 Dec · Reserve Bank of New Zealand, 9 Dec · European Central Bank, 17 Dec · Bank of England, 17 Dec · Bank of Japan, 18 Dec
In WatchTower Terminal the Central bank panel moves with the pricing through the day; the terminal is $10 for the first month. Nothing here is financial advice.