SNB Seen Resisting Urge to Go Negative in Fight Over Franc Gains

The Swiss National Bank will avoid cutting its interest rate below zero this year in its struggle to contain the strength of the franc, according to economists.

Goldman Sachs Group Inc. has the sole forecast for a return to negative borrowing costs in Bloomberg’s survey of analysts on the path for the central bank’s monetary policy. Most predict that officials will keep the rate at the current level of 0.25%.

That outlook suggests policymakers may need to resort instead to selling the franc to stem gains that have seen it rise to a decade-high against the dollar amid market ...