Swiss National Bank holds interest rate at 0%, matching expectations

The SNB's decision to hold at zero keeps Switzerland in a distinctly different monetary posture from peers that have been cutting or holding above zero, which matters for the franc's role as a funding currency in carry trades. For crypto and RWA markets, the practical relevance is indirect: a zero-rate franc sustains the cheap-yen-style dynamic that has historically supported risk assets, though the SNB's language on currency conditions suggests it remains alert to franc strength. Whether the bank signals any shift in that stance at future meetings is the open question.