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Nordea: "A rate hike in June can’t be ruled out"

RIKSBANK
  • Nordea notes the hawkish tone used by Breman in a speech this morning and a similarly hawkish tone used by Ingves recently and notes that "it is unusual for the Riksbank to send new signals between monetary policy meetings. The fact that they are now doing so underlines how much recent developments have surprised the Riksbank."
  • Breman said in the speech that the February rate hike is "now a thing of the past" and that it is important "not to wait too long to take action."
  • Note that Breman had argued at the Riksbank's February meeting for a faster pace of tapering of reinvestments.
  • Nordea goes on to say that "the bank is indeed facing one of their biggest revisions ever of its forecast for core inflation. We expect the Riksbank to hike rates in September and November this year. A rate hike in June can’t be ruled out."
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