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Breman Aligns With Jansson That Rates Have Likely Peaked; No Comments On QT

RIKSBANK

A text summary of First Deputy Governor Breman's speech re-affirmed the view that policy rates have likely peaked, with "favourable" prospects for bringing inflation sustainably down to 2%. The comments align with those of Per Jansson last week.

  • SEK saw a limited reaction overall, but remains a touch softer vs the EUR and NOK this morning amid a weakening risk backdrop, with European equities around 1% lower and touching fresh YTD lows.
  • EURSEK trades at 11.3628 at typing, its highest level since Dec 1 . The 100-day EMA at 11.4280 is the first resistance.
  • There were no comments related to the QT outlook. A reminder that the pace of bond sales are expected to be increased at the upcoming Jan 31/Feb 1 meeting.
  • The speech notes that core inflation remains high at over 5%, and includes comments on the need for reform in the Swedish housing market.
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