Nordic & Swiss Central Bank Watch Riksbank to start its tightening cycle next week Having so far been a bastion of dovishness amongst G10 central banks, we think that the stage is set for the Riksbank to start to raise the repo rate next Thursday, and it will press on with further... 21st April 2022 · 5 mins read
Nordic & Swiss Economics Weekly Higher inflation and tighter policy in the Nordics Inflation data released this week across the Nordics confirmed that price pressures are building in the region. As a result, the Norges Bank looks set to press ahead with interest rate hikes, perhaps... 14th April 2022 · 4 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Mar.) The stronger-than-expected increase in Swedish inflation in March is likely to give more ammunition to the hawks in the Riksbank, and lends support to our view that the Bank will start to raise the... 14th April 2022 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Mar.) Although headline and core inflation came in below expectations in March, underlying price pressures are likely to push both measures up a bit in the coming months. Meanwhile, the Norges Bank is more... 11th April 2022 · 2 mins read
Nordic & Swiss Economics Weekly Flodén leaves no room for ambiguity Riksbank policymaker Martin Flodén dialled up the hawkishness this week, arguing that monetary policy must respond to higher inflation. And with data due next week likely to show Swedish inflation in... 8th April 2022 · 6 mins read
Nordic & Swiss Economics Weekly Hold the press! SNB to join the hiking party this year The fact that we expect the ECB to hike interest rates sooner and faster than we previously anticipated shifts the goalposts for the SNB and, after a prolonged period of policy hibernation, brings... 1st April 2022 · 4 mins read
Nordic & Swiss Data Response Switzerland CPI (Mar.) Swiss inflation rose further above the SNB’s definition of price stability in March, and higher commodity prices and continued supply problems will keep it there for most of this year. Given the... 1st April 2022 · 2 mins read
Nordic & Swiss Economics Weekly Anna Breman baffles a bunch of students The finer points of Anna Breman’s views on the outlook for Riksbank policy were probably lost on her audience of a group of secondary students in a speech this week, but the message for avid Riksbank... 25th March 2022 · 5 mins read
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: Rising pressure on property yields Property demand in the Scandinavian and Swiss markets is expected to hold up this year, as they are more insulated from the negative impacts of the war in Ukraine on economic activity. However... 24th March 2022 · 18 mins read
Nordic & Swiss Economics Update Norges Bank dials up hawkishness as SNB bides time Ida Wolden Bache kicked off her time in charge at the Norges Bank with a rate hike and prepared the ground for even more aggressive tightening. We now expect 175bps of hikes by end-2023, to 2.50%, and... 24th March 2022 · 4 mins read
DM Markets Chart Pack How the war in Ukraine has changed our thinking The war in Ukraine, as well as the hawkish tone adopted by some developed market (DM) central banks, have led us to revise up our end-22 and end-23 forecasts for government bond yields in some DMs and... 23rd March 2022 · 8 mins read
Nordic & Swiss Economics Weekly Ingves’s epiphany opens door to April Riksbank hike It has been a long time coming, but Riksbank Governor Ingves’s apparent hawkish epiphany finally opens the door to tighter policy in Sweden. While analyst expectations have crowded around September as... 18th March 2022 · 4 mins read
Nordic & Swiss Central Bank Watch Norges Bank to hike again; SNB to play it cool The Norges Bank will kick off the post-Olsen era next Thursday with a 25bp interest rate hike, to +0.75%, and while we expect it to raise rates three more times this year, the balance of risks is... 17th March 2022 · 7 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Feb.) The stronger-than-expected increase in Swedish inflation in February is surely the final nail in the coffin for the Riksbank’s thus-far dovish stance, and lends support to our view that the Bank will... 14th March 2022 · 2 mins read
Nordic & Swiss Economics Weekly SNB say relax; Norges Bank to press on with hikes The SNB does not seem to be losing much sleep about the strength of the franc against the euro, despite the currency’s brief foray past parity earlier this week. The truth of the matter is that euro... 11th March 2022 · 4 mins read
Nordic & Swiss Economics Weekly Finland exposed; Swiss franc on cusp of euro parity As we argued only last week, the SNB has so far been willing to let the franc rise against the euro. However, policymakers’ tolerance would surely be tested if the franc were to push through the... 4th March 2022 · 4 mins read
