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 rate rises thereafter. But with “QT” likely to do some of the heavy lifting, we expect interest rates to top out at 2.00% by end-2023, which is a bit lower than is currently priced into the market.
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