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MNI Riksbank Review - February 2024: Setting The Stage For Cuts

EXECUTIVE SUMMARY:

  • The Riksbank Executive Board unanimously voted to keep the policy rate on hold at 4.00% at the first meeting of 2024 and opened the door to rate cuts in H1 this year.
  • Additionally, the pace of Government bond sales was increased to SEK6.5bln/month (from SEK5bln/month prior).
  • While the rate and QT decision were in line with MNI’s expectations, we were a bit surprised to see such a dovish tilt in the Riksbank’s guidance.
  • Of the analyst reviews we have seen, there is a split in opinion of whether the first cut comes in May or June.

For our full review, see the PDF below:

MNI Riksbank Review - 2024-02.pdf

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