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RIKSBANK: 25bp Cut Expected, Focus On Guidance and Rate Path

RIKSBANK
Central Bank NewsCEEMEABullet RiksbankSwedenGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

The Riksbank is expected to deliver its third 25bps cut of 2024 at 0830BST/0930CET, bringing the policy rate to 3.25%. MNI’s preview is here. 

  • None of the analyst previews MNI has seen expect a 50bp cut today, but there will be focus on the extent to which such a move was considered amongst the Executive Board.
  • Although we don’t think it is likely the Riksbank cuts as aggressively as implied by markets this cycle, we cannot rule out further dovish repricing intraday if the Riksbank opens the door to 50bp cuts in its September guidance/rate path.
  • This morning, August input price data was consistent with inflationary pressures remaining at (or even below) target. This should support further Riksbank easing this year and into 2025.
  • On a 3m/3m basis, the price index for domestic supply fell 0.9% in August (vs -0.2% in July). 

 

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The Riksbank is expected to deliver its third 25bps cut of 2024 at 0830BST/0930CET, bringing the policy rate to 3.25%. MNI’s preview is here. 

  • None of the analyst previews MNI has seen expect a 50bp cut today, but there will be focus on the extent to which such a move was considered amongst the Executive Board.
  • Although we don’t think it is likely the Riksbank cuts as aggressively as implied by markets this cycle, we cannot rule out further dovish repricing intraday if the Riksbank opens the door to 50bp cuts in its September guidance/rate path.
  • This morning, August input price data was consistent with inflationary pressures remaining at (or even below) target. This should support further Riksbank easing this year and into 2025.
  • On a 3m/3m basis, the price index for domestic supply fell 0.9% in August (vs -0.2% in July).