-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessServices Inflation Pushed Higher By Concert-related Categories
Swedish May inflation was higher-than-expected, with CPIF ex-energy at 3.0% Y/Y (vs 2.6% cons, 2.9% prior). This actually means that CPIF ex-energy prints 0.1pp above the Riksbank’s March MPR forecast of 2.9%. In the previous two months, the forecast error was -0.4pp.
- The probability of a June rate cut was already very small, but this data all but confirms an on-hold decision at the May 27 meeting. Main interest now is whether the Riksbank’s guidance for 2 cuts in H2 2024 will change – we don’t think there is enough evidence for that just yet.
- SEK has strengthened a touch versus the EUR and NOK, but remains comfortably within yesterday’s ranges on both crosses.
- The “one-off leisure effects” related to the Eurovision song contest and Taylor Swift concerts in Sweden appear to have had a larger impact on services inflation than expected. These effects should reverse next month.
- In May, restaurant and hotel prices rose 2.6% M/M (versus an average May increase of 1.1% M/M since 2010). On an annual basis, this component still moderated to 4.9% Y/Y (vs 5.6% prior).
- International flights also rose 17.2% M/M in May, versus an average May decrease of -7.1% M/M since 2010.
- Food prices rose 1.5% Y/Y (vs 0.7% prior) and 0.4% M/M, which also pushed underlying inflation higher.
- Headline inflation was 2.3% Y/Y (vs 2.1% cons, 2.3% prior and 2.6% in the Riksbank March MPR). As expected, electricity base effects dragged headline lower, at -10.9% Y/Y (vs -8.7% prior) and -13.3% M/M.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.