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RIKSBANK: Danske Bank Pull Forward Riksbank Cuts To January and March

RIKSBANK
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Danske Bank have also tweaked their Riksbank call, now expecting cuts in January and May (versus March and June prior) to a terminal of 2%. 

  • “December inflation came in below market and Riksbank forecasts, and the details also revealed a rather broad-based undershoot. Following the outcome, we have updated our inflation forecast and it is now clearly lower than the Riksbank’s December forecast”.
  • “Thedéen had the opportunity to push back against market expectations for a January cut, but in our view he did not”.
  • “Our policy rate forecast continues to undershoot the Riksbank so the March MPR, where the Riksbank will present new forecasts, will be an important meeting in terms of new guidance, but given our inflation forecast we expect the risk picture should be for further easing”.
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Danske Bank have also tweaked their Riksbank call, now expecting cuts in January and May (versus March and June prior) to a terminal of 2%. 

  • “December inflation came in below market and Riksbank forecasts, and the details also revealed a rather broad-based undershoot. Following the outcome, we have updated our inflation forecast and it is now clearly lower than the Riksbank’s December forecast”.
  • “Thedéen had the opportunity to push back against market expectations for a January cut, but in our view he did not”.
  • “Our policy rate forecast continues to undershoot the Riksbank so the March MPR, where the Riksbank will present new forecasts, will be an important meeting in terms of new guidance, but given our inflation forecast we expect the risk picture should be for further easing”.