Having resumed its interventions to weaken the Swiss franc after the recent flare-up in geopolitical tensions, we think that it will only be a matter of time before a rate cut comes back on the agenda at the SNB. Meanwhile, although the minutes from the Riksbank’s December meeting showed that the divisions on the Executive Board are as entrenched as ever, they give us confidence in our non-consensus view that the Bank will reverse its recent rate hike before long.
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