Nordic & Swiss Economics Update SNB hikes by 50bp, hints at more to come The SNB’s 50bp rate hike, to 1.00%, was in line with expectations but, more importantly, the Bank also raised its medium-term inflation forecast slightly, hinting that policymakers believe future... 15th December 2022 · 3 mins read
Nordic & Swiss Economics Update Only one more hike to come from the Norges Bank Today’s 25bp rate increase by the Norges Bank, to 2.75%, takes it very close to the end of its tightening cycle. But we think the Bank is a long way from pivoting to loosening policy. 15th December 2022 · 3 mins read
Nordic & Swiss Economics Update Tightening cycle not yet finished This morning’s 75bp increase in the Riksbank’s policy rate was in line with expectations, and both the press statement and Monetary Policy Report are consistent with our view that policymakers will... 24th November 2022 · 3 mins read
Nordic & Swiss Economics Update Norges Bank tightening cycle nearly over Today’s decision by the Norges Bank to slow the pace of rate hikes is the beginning of the end for its tightening cycle. But we don’t expect a pivot towards interest rate cuts next year. 3rd November 2022 · 3 mins read
Global Economics Update From inflation crisis to financial crisis? Problems at California-based lender Silicon Valley Bank (SVB) have refocussed attention on financial sector risks. In light of this, we are resending a report from last October that provides a... 11th October 2022 · 5 mins read
Nordic & Swiss Economics Update Low Swiss inflation will keep pressure off SNB The low level of inflation in Switzerland compared to the euro-zone mainly reflects smaller contributions from energy and food. But core inflation is lower too, helped by the exchange rate and... 5th October 2022 · 4 mins read
Nordic & Swiss Economics Update More tightening to come from the Norges Bank Following today’s 50bp increase, we think the Norges Bank is most likely to hike by 50bp again in November. But its tightening cycle will soon be over, with the policy rate peaking at around 3%. 22nd September 2022 · 3 mins read
Nordic & Swiss Economics Update SNB adds to crop of bumper rate rises The Swiss National Bank is likely to follow today’s 75bp rate rise with further increases at its next couple of meetings to keep a lid on inflationary pressure. But we still think investors have got... 22nd September 2022 · 3 mins read
Nordic & Swiss Economics Update Riksbank hasn’t finished “front-loading" Even after raising its policy rate by 100bp today, the Riksbank signalled that its tightening cycle has some way to go. We expect another large hike at its final meeting of the year in November... 20th September 2022 · 3 mins read
Global Markets Update German-Swiss bond yield spread may widen further We expect the spread between the yields of 10-year German and Swiss government bonds to widen further over the remainder of this year. In view of the wider interest, we are also sending this Global... 25th August 2022 · 3 mins read
Nordic & Swiss Economics Update Could cheap Norwegian gas fix Europe’s energy crisis? One left-field option for alleviating Europe’s gas crisis that has been doing the rounds is the potential for asking Norway to discount the price of its gas exports. This Update looks at eight key... 24th August 2022 · 6 mins read
Nordic & Swiss Economics Update 50 is the new 25 for the Norges Bank Following today’s decision by the Norges Bank to raise its policy rate by 50bp at the second consecutive meeting, we now expect the Bank to make it a hat-trick of 50bp hikes at the next meeting in... 18th August 2022 · 3 mins read
Nordic & Swiss Economics Update Riksbank to front-load rate hikes and accelerate “QT” As expected, this morning’s 50bp interest rate hike by the Riksbank, to +0.75% saw it join the ranks of the “50bp club”. But while policymakers resisted the urge to join “Club Fed” with a 75bp hike... 30th June 2022 · 3 mins read
Nordic & Swiss Economics Update Norges Bank joins the “50bp club” This morning’s decision by the Norges Bank to raise its key policy rate by 50bps, to 1.25%, was in line with our non-consensus forecast. Also, as we predicted, the Bank all but confirmed that it will... 23rd June 2022 · 2 mins read
Nordic & Swiss Economics Update Erik Thedéen a safe pair of hands to succeed Ingves The appointment of Erik Thedéen as the new Governor of the Riksbank will only strengthen the relationship between the Bank and the financial regulator, and could result in more macroprudential powers... 17th June 2022 · 2 mins read
Nordic & Swiss Economics Update SNB steals a march on the ECB After the excitement of yesterday’s ECB emergency meeting and 75bp hike by the US Fed, the SNB kept its end up by unexpectedly raising its policy rate by 50bps this morning – its first rate rise since... 16th June 2022 · 3 mins read
