Short-term interest rates in Swiss francs are key to the transmission of the SNB’s monetary policy to the broader economy. In this note, we examine how changes in the SNB policy rate since 2022—the start of a rate hiking cycle—have passed through to these domestic rates. We introduce the Pass-Through Index, a composite measure that combines the most important short-term rates. The index allows us to track how closely short-term rates follow the SNB policy rate. We show that the pass-through was effective overall in the period under consideration.