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MNI Riksbank Review - April 2023: 50bp but dovish in all other aspects

  • The Riksbank delivered the 50bp hike that had been expected by all of the analyst previews that we read ahead of the meeting, but was more dovish than anyone really expected in the overall tone of the meeting.
  • The Riksbank’s numerical policy rate path peaks at 3.65% - implying a 60% probability of a 25bp hike in either June or September.
  • There were two dovish dissents from Breman and Floden (who both preferred a 25bp hike).
  • All in all, there was something dovish for everyone and this was reflected in the market reaction which saw the krona depreciate.
For the full MNI Riksbank Review including summaries of 12 sellside analyst views see the PDF here:

MNI Riksbank Review - 2023-04.pdf

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