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Sweden’s central bank, Riksbank, is expected to maintain its policy rate at 2.25%, signaling an end to its recent series of interest rate reductions.
Analysts from ING have predicted that there will be no change to the policy rate at the upcoming meeting on March 20, and no further rate changes are anticipated for the remainder of the year. This stance aligns with the indications given by the Riksbank in December.
The Swedish economy, which is particularly sensitive to interest rate fluctuations due to its substantial proportion of variable rate mortgage lending, experienced a sharp decline in demand as rates increased. However, the subsequent aggressive rate cuts have reportedly begun to yield positive results more rapidly than in many other economies.
The decision to halt the easing cycle comes after the Riksbank implemented a total of 175 basis points in rate cuts. The recent economic data has not provided substantial evidence to challenge the central bank’s current position on interest rates.
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