Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>Rent has increased more than expected, leading to higher inflation</li><li>Core inflation in Norway is running above forecast, keeping policy on hold through 2026</li><li>In Sweden, near term inflation risks are skewed to the downside, potentially leading to a cut by the Riksbank</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Rent has increased more than expected, leading to higher inflationCore inflation in Norway is running above forecast, keeping policy on hold through 2026In Sweden, near term inflation risks are skewed to the downside, potentially leading to a cut by the RiksbankThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European Rates: Scandinavian rate outlook – a long winter hibernation

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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<ul><li>The Norwegian and Swedish currencies are trading at historically weak levels against the euro.</li><li>We discuss the underlying drivers and highlight that interest rate differentials are often given too much weight.</li><li>We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of the world’s strongest economies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Norwegian and Swedish currencies are trading at historically weak levels against the euro.We discuss the underlying drivers and highlight that interest rate differentials are often given too much weight.We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of the world’s strongest economies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sweden and Norway: Persistent currency weakness

<ul><li>Riksbank expected to stay on hold due to inflation moving along expected lines</li><li>Norges Bank has implicit easing bias but unlikely to deliver rate cuts based on incoming data</li><li>Bank of England keeps rates on hold with closer vote split, markets pricing in gradual rate cuts through early next year</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Riksbank expected to stay on hold due to inflation moving along expected linesNorges Bank has implicit easing bias but unlikely to deliver rate cuts based on incoming dataBank of England keeps rates on hold with closer vote split, markets pricing in gradual rate cuts through early next yearThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European Rates: BoE and Scandi central bank roundup

<ul><li>After July and August recorded some of the lowest issuance volumes in over a decade, September saw a turnaround, coming in slightly above the average.</li><li>A total of 33.2bn was issued, bringing the year-to-date aggregate to 330.6bn, with the full-year estimate at approximately 460bn.</li><li>Housing loan growth in August remained steady at 2.4% year-on-year, unchanged from July.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

After July and August recorded some of the lowest issuance volumes in over a decade, September saw a turnaround, coming in slightly above the average.A total of 33.2bn was issued, bringing the year-to-date aggregate to 330.6bn, with the full-year estimate at approximately 460bn.Housing loan growth in August remained steady at 2.4% year-on-year, unchanged from July.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The Riksbank will keep policy rates unchanged at 1.75%, with no further cuts expected and a small probability of a hike in 4Q26.</li><li>The Swedish budget announcement of unfunded reforms totaling 120 billion in additional easing caused Swedish rates to rise and yield curves to adjust.</li><li>The Norges Bank surprised by cutting rates despite strong economic data, with markets pricing in further easing despite the bank's revised higher rate forecast.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Riksbank will keep policy rates unchanged at 1.75%, with no further cuts expected and a small probability of a hike in 4Q26.The Swedish budget announcement of unfunded reforms totaling 120 billion in additional easing caused Swedish rates to rise and yield curves to adjust.The Norges Bank surprised by cutting rates despite strong economic data, with markets pricing in further easing despite the bank's revised higher rate forecast.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates: Scandi Central Banks and noisy UK politics

Sweden

The Swedish krona is the official currency of Sweden

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SEK (USDSEK CURNCY)

European Rates: Scandinavian rate outlook – a long winter hibernation

Inflation in Norway is higher than expected, leading the Norges Bank to keep policy on hold through 2026, while Sweden may see a potential cut in...

At Any Rate

Sweden and Norway: Persistent currency weakness

We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of...

Nordea

European Rates: BoE and Scandi central bank roundup

Central banks in Sweden, Norway, and the UK are expected to maintain their current interest rate levels, with market overpricing rate cuts and...

At Any Rate

SEK Covered Monthly: September 2025

After July and August recorded some of the lowest issuance volumes in over a decade, September saw a turnaround, coming in slightly above the average.

Nordea

Global Rates: Scandi Central Banks and noisy UK politics

- Riksbank keeps policy rates unchanged, market expects limited rate cuts and Norges bank cuts rates to support economy.

At Any Rate

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