Despite revising its near-term GDP forecast higher on Tuesday, the Riksbank channelled its inner-Fed by reiterating that it is in no rush to tighten. That said, while repo rate rises are probably years away, it seems increasingly likely to us that Swedish policymakers will allow the balance sheet to contract from 2023. The Norges Bank will take centre stage next week, with the countdown to interest rate lift-off continuing to tick down. Meanwhile, data due for release on Wednesday are set to show that Swiss consumer price inflation rose above zero into positive territory in April for the first time since January 2020.
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