Swiss National Bank and Riksbank hold rates as energy prices threaten higher inflation

SNB held at 0%, Riksbank at 1.75%, both as expected. Both central banks flagged readiness to act if energy-driven inflation intensifies. Switzerland and Sweden's low reliance on imported fossil fuels keeps their inflation relatively contained, diverging from the Fed and ECB. The krona's 4% drop against the euro in six months lifts the risk of faster Riksbank tightening. Markets price two SNB hikes by June 2027 and four Riksbank hikes by May 2027.