Strong economic growth is fuelling inflationary pressures in both Norway and Sweden. So we expect the Norges Bank to follow through on its guidance and raise rates by 25bp next month. We doubt that Sweden’s Riksbank will be far behind and think that it will reiterate next week that it intends to raise rates in Q4. By contrast, in Switzerland, inflation remains very weak. And the franc’s recent appreciation suggests that the Swiss National Bank will firmly restate its commitment to its ultra-accommodative policy stance.
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