The tweaks to the SNB’s tiering system, which will make it more generous for domestic banks, give policymakers cover to cut interest rates further as and when needed. Meanwhile, we think the 25bp rate hike by the Norges Bank on Thursday marks the end of its tightening cycle. Looking ahead, in an otherwise very quiet week for data, the Swedish Economic Tendency Indicator for September is likely to continue to paint a grim picture of the state of the economy.
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