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JP Morgan: Expects at least SEK100bln more QE to be announced

RIKSBANK
  • JP Morgan "expects the QE program to be expanded by another SEK 100bn at the November meeting, with new purchases extended until the end of 2021"
  • JP Morgan notes that "the risks are tilted to a higher number [i.e. more QE]. In addition, we think that the central bank will likely communicate that all maturing bonds will be reinvested in full for the time being."
  • Thinks the Riksbank will not wait for the ECB to act because: 1) hard to argue to leave monpol unchanged when forecasts will be downgraded and it can't lower its repo path due to past communication, 2) by the time of the next meeting in Feb "the worst growth shock have likely already faded"
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