Sweden’s Q3 GDP data, published this week, were not as strong as they first appeared, and we expect supply problems to continue to weigh on activity there. The latest data for Switzerland suggest that it is holding up better. Next week, we expect Swiss CPI data to show that inflation there remains well below that elsewhere in Europe. And while the Norges Bank will not spring any surprises at its meeting on Thursday, we think investors are underestimating the pace of rate hikes next year.
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