Riksbank Is Set to Defy the Fed's Lead and Stay ‘Gradual' for Now [BNN Bloomberg (Canada)]
SVENSKA HANDELSBK UNS/ADR (SVNLY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
Speculation that the Swedish central bank might follow its US counterpart with such a move to aid sputtering growth has been brewing for months, but all 23 economists surveyed by Bloomberg anticipate only a quarter-point interest-rate cut, to 3.25%, in its announcement on Wednesday. “There is no economic or market data that should make the Riksbank concerned and prompt them to increase the pace,” said Christina Nyman, chief economist at Svenska Handelsbanken AB. “We forecast a 25 basis-point cut now, and similarly-sized cuts at this year's two remaining meetings.” Such an approach would reflect the “gradual” easing pledged by policymakers, and chime with a more cautious stance in Europe toward interest-rate reductions as compared to the Fed's abrupt move last week. After an uphill battle to tame consumer prices, the Riksbank's concerns have now shifted to the health of the economy, where unemployment is rising and domestic demand remains weak. Governor Erik Thedeen and his co
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