Nordic & Swiss

Nordic & Swiss Data Response

Nordic & Swiss Data Response

Sweden Consumer Prices (Dec.)

The increase in Swedish CPIF inflation in December will embolden the hawks at the Riksbank. While we expect energy effects will drop out this year, continued supply-chain problems and rising inflation expectations will mean the chance of a hawkish shift in February’s policy announcement has increased.

14 January 2022

Nordic & Swiss Data Response

Norway Consumer Prices (Dec.)

While Norwegian policymakers do not have as laser-like a focus on consumer price inflation as most, the increase in the core rate in Norway in December only lends support to our hawkish view that the Norges Bank will raise interest rates more aggressively than investors expect this year.

10 January 2022

Nordic & Swiss Data Response

Sweden ETI (Dec.)

The resilience of the ETI in December underlines that the Swedish economy is comparatively well-placed going into 2022. All told, the pressure on the Riksbank to soften its so-far dovish stance is building.

21 December 2021
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Nordic & Swiss Data Response

Sweden Consumer Prices (Nov.)

The increase in Swedish CPIF inflation in November strengthens the hand of the hawks at the Riksbank and supports our view that policymakers will reduce the size of the balance sheet next year. But with energy effects set to drop out in 2022, the Bank will be in no rush to raise the repo rate. Note: Central Bank Drop-In – The Fed, ECB and BoE are just some of the key central bank decisions expected in this packed week of meetings. Neil Shearing and a special panel of our chief economists will sift through the outcomes on Thursday, 16th December at 11:00 ET/16:00 GMT and discuss the monetary policy outlook for 2022.

Nordic & Swiss Data Response

Norway Consumer Prices (Nov.)

Headline inflation reached a 13-year high in November, mainly driven by energy inflation. But the core rate was more subdued and is likely to remain below the Norges Bank’s target throughout 2022.

Nordic & Swiss Data Response

Switzerland CPI & Manufacturing PMIs (Nov.)

Inflation surprised on the upside in Switzerland in November, but this was due to temporary factors and it is likely to fall back to below 1.0% over the coming months. The upshot is that there is next to no chance of the SNB tightening policy anytime soon, and the big question mark is when it might intervene.

Nordic & Swiss Data Response

Sweden Consumer Prices (Oct.)

CPIF inflation rose to a 15-year high in October, although the headline rate was just half that reached in the US, for example, and the core rate remained below 2%. Policymakers won’t be losing sleep just yet, but we’d be amazed if the Riksbank didn’t insert some rate hikes to the end of its projection period at its scheduled policy meeting next week.

Nordic & Swiss Data Response

Norway Consumer Prices (Oct.)

The fact that the Norges Bank’s target measure of inflation fell to below 1% in October and is likely to remain at around this level until early 2023 will not stop policymakers from pressing on with their plan to raise interest rates again in December.

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