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RIKSBANK: Opens The Door To 50bps Cuts

RIKSBANK
Central Bank NewsCEEMEABullet RiksbankSwedenGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Riksbank cuts rates by 25bps as unanimously expected. Highlights from the policy statement:

  • Slightly more dovish than the 1 or 2 cuts implied by the August guidance; “If the inflation and economic prospects hold, the interest rate can also be lowered at the two remaining monetary policy meetings this year.”
  • “A reduction of 0.5 percentage points at one of these meetings may be relevant.”
  • “In addition, the forecast indicates one or two further interest rate cuts in the first half of 2025”.
  • No info on balance sheet/QT in the policy statement at first glance.

At first glance, the September MPR rate path seems a lot closer to the “low inflation scenario” from the June MPR than might have been expected. This is consistent with the Riksbank’s dovish tilt in the guidance. 

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Riksbank cuts rates by 25bps as unanimously expected. Highlights from the policy statement:

  • Slightly more dovish than the 1 or 2 cuts implied by the August guidance; “If the inflation and economic prospects hold, the interest rate can also be lowered at the two remaining monetary policy meetings this year.”
  • “A reduction of 0.5 percentage points at one of these meetings may be relevant.”
  • “In addition, the forecast indicates one or two further interest rate cuts in the first half of 2025”.
  • No info on balance sheet/QT in the policy statement at first glance.

At first glance, the September MPR rate path seems a lot closer to the “low inflation scenario” from the June MPR than might have been expected. This is consistent with the Riksbank’s dovish tilt in the guidance.