Confirmation this week that the new member of the Riksbank’s Executive Board, Anna Breman, is more a dove than a hawk lends support to our non-consensus forecast that the Bank will end up cutting the repo rate back into negative territory next year. Looking ahead to the next two weeks, the KOF Economic Barometer for December is likely to stay consistent with very weak quarterly GDP growth in Switzerland in early 2020, while the manufacturing PMIs for December are likely to show that the Swiss and Swedish industrial sectors ended the decade on a weak note.
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