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MNI STATE OF PLAY: Riksbank Hikes 100bps, Sees Peak At 2.5%

(MNI) London

The Riksbank delivered a larger-than-expected 100bps hike in September but foresaw only 75bps more tightening.

The Riksbank raised its policy rate by 100 basis points to 1.75% at its September meeting, more than anticipated by most analysts, but its projection for further tightening of only 75 basis points left this cycle’s rate peak roughly where expected, sending the Swedish krona down after an initial strengthening.

Analysts had largely anticipated a 75bp hike in September, followed by another 75bps in November. The Riksbank’s new collective rate projection, however, which shows the policy rate at 2.35% by January 2023 and peaking at 2.52% in April, would now be more compatible with 50bps in November, followed by a final 25ps in February.

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The Riksbank raised its policy rate by 100 basis points to 1.75% at its September meeting, more than anticipated by most analysts, but its projection for further tightening of only 75 basis points left this cycle’s rate peak roughly where expected, sending the Swedish krona down after an initial strengthening.

Analysts had largely anticipated a 75bp hike in September, followed by another 75bps in November. The Riksbank’s new collective rate projection, however, which shows the policy rate at 2.35% by January 2023 and peaking at 2.52% in April, would now be more compatible with 50bps in November, followed by a final 25ps in February.

Keep reading...Show less