The Riksbank's February '24 Business Survey supports the idea of earlier cuts to the policy rate. Analysts are currently split between May/June for the start of the easing cycle.
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EURSEK has not seen any notable reaction to the release of the Riksbank's Jan meeting minutes. Looking first at Governor Thedéen's comments, the dovish pivot made at last week's decision is evident.
Full Breeden speech found here: https://www.bankofengland.co.uk/-/media/boe/files/...
Breeden's speech concludes with "what does this mean for policy?" - and effectively shifts from seeing need of higher rates in Dec, to now focusing on how long rates need to be held at current levels.
She says:
10-Year CGB yields are ~4bp lower on the day, with desks noting that the general Chinese policy bias, rate cut expectations, expectations surrounding funding/liquidity conditions and well-documented economic headwinds quickly biased yields lower once again after Tuesday’s move higher.
Fig. 1: Chinese 10-Year Government Bond Yield (%)