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MNI Riksbank Review: September 2023 - The Table Mountain Peak?

SWEDEN

The results of the Riksbank September meeting decision were broadly in line with those noted in our preview, but perhaps slightly less hawkish than we had expected.

  • The policy rate was raised by 25bps to 4.00%, in line with analyst consensus.
  • The door for a November hike was kept open with the policy path forecast being revised upwards, now indicating a rate of 4.09% in Q4 2023 (vs 4.05% prior).
  • Governor Thedéen noted that the Riksbank were moving to a “data dependent” approach to policy.
  • The Riksbank will begin hedging a portion of FX reserves from 25 September and also announced that from 2024, they will hold 8 monetary policy meetings per year, compared to 5 currently.
Our full review including a summary of sell-side views can be found here.

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