The recent jump in money growth in Switzerland doesn't change our view that the SNB will raise interest rates only once more, to a peak of 1.25%, which would be lower than is priced into markets. Meanwhile, Sweden's Economic Tendency Indicator for December adds to the evidence that the economy is heading for recession.
This will be the last Economics Weekly for 2022. The next Weekly will be sent on Friday 6th Jan. 2023
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