April 28, 2022
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Riksbank: Last Dove Falls With a Bang

  • In a shocking U-turn, the Riksbank hiked rates 25bp to 0.25% and projected a steady hiking cycle with three more hikes in a year before reaching slightly short of 2% in 2025.
  • The Riksbank announced a 50% reduction in the pace of its asset purchases during H2, so holdings will decrease. The bank will cease purchasing treasury bills as of 28 April.
  • The highest inflation since the 1990s, a broad-based uptick in core prices and a risk of it becoming entrenched in wage setting have prompted the abrupt U-turn.

By Irena Sekulska

February 10, 2022
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Riksbank: slightly earlier, still very late

  • The Riksbank held its policy unchanged and maintained its stoic dovish stance. The policy rate path was only nudged up slightly to +25bps in Q4 2024 (+19bps previously).
  • Bond reinvestment plans were unchanged despite some market expectations for QT and 3 out of 6 board members voicing concerns while advocating for change in H2.
  • The MPC continued to be reassured by moderate inflation excluding energy. Still, it admitted more uncertainty around its inflation forecast and opened the door to potential policy adjustment in the future if upside surprises persist.

By Irena Sekulska

January 14, 2022
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FLASH: Sweden inflation in December-21

SE CPI 3.87 % (vs 3.04 %)

SE CPIF 4.14 % (vs 3.02 %)