Europe

Swiss National Bank

Too few recent speeches for a current tone.

Speeches: 431
First speech: Nov 4, 1997
Latest speech: Jun 18, 2026
Tone vs coming rate moves: +0.33; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Jun 18, 2026	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	+0.22
Apr 24, 2026	Martin Schlegel: Comments on Swiss monetary policy Martin Schlegel	+0.01
Apr 16, 2026	Petra Tschudin, Thomas Moser: Swipe, scan, tap - the cashless payments market Petra Tschudin; Thomas Moser	+0.08
Mar 19, 2026	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	+0.12
Mar 4, 2026	Antoine Martin: Emphase Ltd to design new banknote series - the Swiss National Bank exhibits all 12 concepts from the design competition Antoine Martin	–
Dec 11, 2025	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	+0.04
Nov 21, 2025	Martin Schlegel: The path to the monetary policy decision at the Swiss National Bank Martin Schlegel	+0.02
Nov 13, 2025	Petra Tschudin, Thomas Moser: Bank funding costs - latest developments from a monetary policy perspective Petra Tschudin; Thomas Moser	−0.14
Sep 25, 2025	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	+0.09
Sep 10, 2025	Martin Schlegel: Communication – an important element in fulfilling the Swiss National Bank's mandate Martin Schlegel	+0.08
Jun 19, 2025	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	−0.14
Jun 6, 2025	Martin Schlegel: Introductory remarks - TBTF news conference Martin Schlegel	+0.07
Apr 29, 2025	Antoine Martin: The Extended Liquidity Facility (ELF) - the next step in the Swiss National Bank's liquidity support to banks Antoine Martin	−0.23
Apr 25, 2025	Martin Schlegel: Price stability benefits all Martin Schlegel	+0.05
Apr 10, 2025	Petra Tschudin, Thomas Moser: Fast and available round the clock - what instant payments mean for households, companies and financial institutions Petra Tschudin; Thomas Moser	−0.22
Mar 20, 2025	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	+0.09
Dec 16, 2024	Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Antoine Martin; Petra Tschudin	−0.10
Nov 21, 2024	Petra Tschudin, Thomas Moser: The Swiss repo market at 25 - a success story for the financial centre and the Swiss National Bank Petra Tschudin; Thomas Moser	−0.08
Oct 30, 2024	Martin Schlegel, Sébastien Kraenzlin: Swiss National Bank to develop new banknote series. Theme of new series: Switzerland and its altitudes Martin Schlegel; Sébastien Kraenzlin	–
Oct 3, 2024	Martin Schlegel: Eighth Karl Brunner Distinguished Lecture - introduction of Kristin J Forbes Martin Schlegel	+0.02
Sep 26, 2024	Thomas Jordan, Martin Schlegel, Antoine Martin: Introductory remarks by the Governing Board, Swiss National Bank news conference Antoine Martin; Martin Schlegel; Thomas Jordan	−0.13
Jun 20, 2024	Thomas Jordan, Martin Schlegel, Antoine Martin: Introductory remarks by the Governing Board, Swiss National Bank news conference Thomas Jordan; Martin Schlegel; Antoine Martin	+0.07
May 30, 2024	Thomas Jordan: The natural rate of interest (r*) as a reference point for monetary policy - a practitioner's view Thomas Jordan	−0.06
May 6, 2024	Thomas Jordan: Project Helvetia III - The Swiss National Bank's pilot for wholesale CBDC Thomas Jordan	+0.06
Apr 26, 2024	Thomas Jordan: Price stability thanks to forward-looking monetary policy Thomas Jordan	+0.08
Apr 18, 2024	Antoine Martin, Thomas Moser: The implementation and transmission of the Swiss National Bank's monetary policy during the recent tightening cycle Thomas Jordan; Martin Schlegel; Antoine Martin	+0.01
Apr 9, 2024	Martin Schlegel: Interest rates and foreign exchange interventions - achieving price stability in challenging times Martin Schlegel	−0.03
Apr 8, 2024	Thomas Jordan: Towards the future monetary system Thomas Jordan	+0.08
Mar 21, 2024	Thomas Jordan, Martin Schlegel, Antoine Martin: Introductory remarks by the Governing Board, Swiss National Bank news conference Thomas Jordan; Martin Schlegel; Antoine Martin	−0.07
Dec 14, 2023	Thomas Jordan, Martin Schlegel, Thomas Moser: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Thomas Jordan; Thomas Moser	−0.04
Nov 18, 2023	Thomas Jordan: Independence in research and monetary policy - a critical success factor for Switzerland Thomas Jordan	+0.04
Nov 14, 2023	Thomas Jordan: Policy-making under uncertainty - the importance of maintaining a medium-term orientation Thomas Jordan	+0.07
Nov 9, 2023	Thomas Moser: Implementing monetary policy with positive interest rates and a large balance sheet - first experiences Martin Schlegel; Thomas Jordan; Thomas Moser	−0.03
Nov 9, 2023	Martin Schlegel: A pillar of financial stability - the Swiss National Bank's role as lender of last resort Martin Schlegel	−0.12
Nov 1, 2023	Thomas Jordan: The Swiss National Bank's role as lender of last resort in the crisis at Credit Suisse Thomas Jordan	−0.03
Sep 28, 2023	Thomas Jordan: Seventh Karl Brunner Distinguished Lecture - introduction of Markus K. Brunnermeier Thomas Jordan	−0.26
Jun 22, 2023	Thomas Jordan, Martin Schlegel, Andréa M Maechler: Introductory remarks by the Governing Board, Swiss National Bank news conference Martin Schlegel; Andréa M Maechler; Thomas Jordan	+0.16
Apr 28, 2023	Thomas Jordan: Price and financial stability - a demanding year for the Swiss National Bank Thomas Jordan	+0.29
Mar 30, 2023	Andréa M Maechler and Thomas Moser: Swiss payments vision – an ecosystem for future-proof payments Andréa M Maechler	+0.13
Mar 23, 2023	Thomas Jordan, Martin Schlegel and Andréa M Maechler: Introductory remarks by the Governing Board, Swiss National Bank news conference Thomas Jordan; Martin Schlegel; Andréa M Maechler	+0.26
Dec 15, 2022	Andréa M Maechler: Introductory remarks, Swiss National Bank news conference Andréa M Maechler	+0.03
Dec 15, 2022	Martin Schlegel: Introductory remarks, Swiss National news conference Martin Schlegel	−0.18
Dec 15, 2022	Thomas Jordan: Introductory remarks, Swiss National Bank news conference Thomas Jordan	+0.18
Nov 29, 2022	Martin Schlegel: Popular, but under pressure – cash in the digital age Martin Schlegel	+0.23
Nov 17, 2022	Andréa M Maechler: Return to positive interest rates - why reserve tiering? Andréa M Maechler	+0.06
Nov 8, 2022	Thomas Jordan: Decision-making under uncertainty - the importance of pragmatism, consistency and determination Thomas Jordan	+0.13
Oct 11, 2022	Thomas Jordan: Current challenges to central banks' independence Thomas Jordan	+0.05
Sep 23, 2022	Thomas Jordan: Safeguarding the principles of regulatory policy Thomas Jordan	+0.10
Sep 23, 2022	Thomas Jordan: Sixth Karl Brunner Distinguished Lecture - introduction of Benjamin M Friedman Thomas Jordan	+0.06
Sep 22, 2022	Thomas Jordan: Introductory remarks, Swiss National Bank news conference Thomas Jordan	+0.11
Sep 22, 2022	Andréa M Maechler: Introductory remarks, Swiss National Bank news conference Andréa M Maechler	−0.09
Sep 22, 2022	Martin Schlegel: Introductory remarks, Swiss National Bank news conference Martin Schlegel	+0.16
Aug 27, 2022	Thomas Jordan: Monetary policy under new constraints - challenges for the Swiss National Bank Thomas Jordan	+0.05
Jun 16, 2022	Andréa M Maechler: Introductory remarks, Swiss National Bank news conference Andréa M Maechler	+0.16
Jun 16, 2022	Fritz Zurbrügg: Introductory remarks, Swiss National Bank news conference Fritz Zurbrügg	−0.18
Jun 16, 2022	Thomas Jordan: Introductory remarks, Swiss National Bank news conference Thomas Jordan	+0.31
Apr 29, 2022	Thomas Jordan: What are the consequences of the war in Ukraine for the SNB's monetary policy? Thomas Jordan	+0.03
Mar 29, 2022	Fritz Zurbrügg: Macroprudential policy beyond the pandemic - taking stockand looking ahead Fritz Zurbrügg	−0.07
Dec 16, 2021	Thomas Jordan: Introductory remarks, Swiss National Bank news conference Thomas Jordan	−0.01
Dec 16, 2021	Fritz Zurbrügg: Introductory remarks, Swiss National Bank news conference Fritz Zurbrügg	+0.27

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.