Nordic & Swiss Chart Book Price pressures to keep central banks in hawkish mood Consumer price inflation has continued to accelerate in Switzerland and across the Nordics, adding to the pressure on central banks to tighten monetary policy more aggressively. In Switzerland... 14th September 2022 · 4 mins read
Nordic & Swiss Chart Book Rising CPI expectations occupying minds at Riksbank Just as policymakers at the ECB are becoming more concerned about inflation expectations, the rise in expectations in Sweden is giving the Riksbank plenty to fret about too. The Bank’s preferred... 13th May 2022 · 5 mins read
Nordic & Swiss Chart Book Normal service to resume for Swiss/Bund bond spread Yields on 10-year Swiss government bonds have moved in lockstep with those of Bunds since the start of the pandemic, and thus followed their German counterparts above zero in January. While the Swiss... 21st February 2022 · 5 mins read
Nordic & Swiss Chart Book Riksbank to have to change tack The Riksbank has learnt from its past tendency to project rate hikes that never arrive. But the single repo rate rise by end-2024 that it currently projects is stretching the limits of plausibility in... 17th January 2022 · 5 mins read
Nordic & Swiss Chart Book Riksbank has some catching up to do The Riksbank (along with the RBNZ) is one of the few major central banks not to have a scheduled meeting in December. But with the Fed having put its hawkish cards on the table, rate hikes by the Bank... 16th December 2021 · 5 mins read
Nordic & Swiss Chart Book Switzerland in the path of the Covid storm Germany and Austria are at the centre of the Covid storm in Europe, and the fact that vaccination coverage in Switzerland is even lower does not bode well. Vaccine take-up varies from about 60-80% in... 16th November 2021 · 5 mins read
Nordic & Swiss Chart Book Monetary policy divergences The Norges Bank’s tightening cycle began at the end of last month and we suspect that investors are underestimating the pace of rate hikes to come. By contrast, the Riskbank looks set to leave... 15th October 2021 · 5 mins read
Nordic & Swiss Economics Norway going its own way The SNB and the Riksbank will leave interest rates on hold throughout 2022 and 2023 and probably beyond, but the start of rate hikes by the Norges Bank is edging ever closer. (See here.) Once the... 16th August 2021 · 5 mins read
Nordic & Swiss Chart Book Falling inflation won’t stop Norges Bank rate hikes Rising global price pressures have pushed inflation up in Switzerland and Sweden this year, but their central banks look set to leave policy on hold. In contrast, inflation in Norway has been falling... 9th June 2021 · 5 mins read
Nordic & Swiss Chart Book Housing boom to test the Riksbank’s dovish resolve The Riksbank will look through the recent pick-up in consumer price inflation in Sweden, which rose above the Bank’s 2% target in April for the first time since May 2019. After all, the energy-driven... 13th May 2021 · 5 mins read
Nordic & Swiss Chart Book Rotation trade to resume and to drag the franc lower The partial unwinding in the reflation trade in recent weeks has stopped the decline in the Swiss franc in its tracks. Having depreciated against both the US dollar and the euro since the start of... 14th April 2021 · 5 mins read
Nordic & Swiss Chart Book ECB holds the key for Swedish and Swiss yields The increases in Swiss, Swedish, and Norwegian government bond yields over the past month or so have illustrated the extent to which smaller bond markets get dragged around by global conditions. As... 11th March 2021 · 5 mins read
Nordic & Swiss Chart Book Super-sized boosts to energy inflation on the way Higher oil prices will provide a boost to energy inflation in most countries over the coming months, including in Switzerland and the Nordics. In Sweden and Norway, the energy component will be... 12th February 2021 · 5 mins read
Nordic & Swiss Chart Book Vaccines rollouts to boost GDP & Nordic currencies The latest data suggest that activity was more resilient in Q4 than we had previously feared, with GDP in Norway and Sweden likely to have grown relative to the previous quarter, for example. That... 14th January 2021 · 5 mins read
Nordic & Swiss Chart Book SNB not out of the woods yet As well as being a game-changer for economic prospects next year, the positive news on the vaccine front has also helped to ease the upward pressure on the Swiss franc against the euro. The franc... 11th December 2020 · 5 mins read
Nordic & Swiss Chart Book Vaccine offers hope, but clouds darken over Q4 The vaccine offers hope of faster growth next year than we have factored into our current forecasts. However, the recent surge in virus cases in Switzerland, the rising strain on the healthcare sector... 12th November 2020 · 5 mins read
