We expect policymakers in Norway, Switzerland, Iceland, and Sweden to all leave interest rates unchanged at their next policy meetings over the coming weeks and months. In the case of the Norges Bank, we suspect that this will just be a pause in its tightening cycle, with interest rates likely to be increased at the following meeting on the 20th June. But for the SNB and Riksbank, it is likely to be a sign of more inactivity to come. We do not expect policy rates to rise in either country until 2022 at least.
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