After last week’s hawkish shift by the Fed, and the erasure of any doubt about the start of hikes by the Norges Bank, the Riksbank may also pencil a rate hike into its projections next Thursday (1st July). However, policy action will be centred on the balance sheet in the near term; we expect the Bank to start to shrink it sooner than other central banks, beginning before the end of next year.
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