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Swiss CB to End Stimulus Program
Swiss CB to End Stimulus Program

Swiss CB to End Stimulus Program

Swiss CB to End Stimulus Program

Forget interest rate cuts. Forget additional bond purchases. That’s the message from all analysts surveyed by Bloomberg ahead of this week’s policy meeting by the Swedish central bank. Looking beyond the Wednesday announcement, most analysts say the Riksbank’s next move will be to raise rates from their record low of minus 0.5% and continue to phase out its bond-buying program. Inflation has risen steadily over the last year and is now close to the bank’s 2% target on the back of a weakening currency and rising energy prices. The Riksbank’s aggressive stimulus and threats of currency interventions have successfully turned around inflation expectations. Meanwhile, optimism among households and companies has been fueled by falling unemployment and an economic growth rate of 3.5% in the first nine months of 2016. An index measuring consumer and business confidence rose to its highest level in more than five years in December. The Riksbank also risks becoming a victim of its own success. Speculation that it’s close to ending its stimulus program has strengthened the krona, in turn threatening its inflation target. 

 

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