Sweden: Ohhh Riksbank
Once again the Riksbank (RB) has made us look like fools – it has hiked by 25bp and taken a pretty neutral stance moving forward. We certainly did not expect a rate hike under the current circumstances. It is no comfort to us, but the fact is that out of 24 analysts in Bloomberg’s survey, 24 said no change. So either we are all stupid or we are in a situation where the communication between the RB and the market has broken down completely. We tend to think it is the latter and that is very
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