Swedish resilience, Swiss reluctance

The latest data show that the Swedish economy is proving more resilient to virus containment measures than we had feared, giving the Riksbank some breathing room ahead of next week’s meeting. Having enlarged and extended its asset purchase envelope in November, we don’t expect any action. On the data front, we expect to learn next week that Norway’s mainland economy grew by 1-1.5% in Q4 while energy effects drove the headline inflation rate up sharply in January. Swiss inflation probably rose last month too.