Archive

June 19, 2025
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SNB: 25bp Rate Cut To 0.0% (Consensus 0.0%) in Jun-25

  • The SNB lowered its policy rate to 0% as expected, responding to declining inflation and subdued price pressures, with the latest forecasts indicating inflation will remain well within the price stability range through 2027.
  • The SNB’s guidance remains cautious, highlighting global trade tensions, external risks, and persistent uncertainties as key factors shaping the interest rate outlook.
  • Future policy decisions will be data-driven, with the SNB prepared to adjust rates further or intervene in currency markets if inflation deviates from target or if external shocks intensify.
June 18, 2025
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Sweden: 25bp Rate Cut To 2% (Consensus 2%) in Jun-25

  • The Riksbank cut its policy rate by 25 basis points to 2%, in line with consensus expectations, citing weaker economic growth and a subdued inflation outlook.
  • The decision reflects persistent uncertainty in both domestic demand and the global environment, with the central bank signalling a non-trivial probability of further easing should inflation remain below target and recovery falter.
  • Future policy decisions will be highly data-dependent, with particular attention to inflation dynamics, labour market conditions, and the impact of ongoing geopolitical and trade-related risks.

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