Our CE Mobility Trackers for Sweden and Norway paint a downbeat picture for the consumer sector and mirror the clear downward trend seen in the euro-zone over H2 2021. So while we still expect the Norges Bank to continue its tightening cycle on “Super Thursday” next week, policymakers have lots of cover to forego a rate hike for now if they felt so inclined. Elsewhere, the SNB is all but certain to leave its policy settings unchanged yet again next week, and our forecast that headline CPIF in Sweden will have been unchanged at 3.1% in November is below the consensus.
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