Goldman Sachs Research previews next week's June SNB meeting.

"We continue to expect the SNB to remain comfortably on hold at 0.0% at next week's meeting, in line with consensus and market pricing. We anticipate a slight upgrade to the conditional inflation forecast for 2026 and 2027, as the energy price shock now looks more persistent than in March. Further ahead we expect the policy rate to remain on hold," GS notes.

"We see risks tilted slightly towards hikes in case of a re-escalation or stronger pass-through into core inflation, in which case the SNB could build some policy space," GS adds.