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>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

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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<ul><li>Summarizing the first half of the year we conclude that it has been a fairly busy one.</li><li>Coming in to this year the bar was set high with a full year estimate of ~SEK 460bn.</li><li>Now halfway through we have the YTD aggregate at ~SEK 270bn - roughly 58% of the full year estimate - so issuance is still well in line.</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.

Summarizing the first half of the year we conclude that it has been a fairly busy one.Coming in to this year the bar was set high with a full year estimate of ~SEK 460bn.Now halfway through we have the YTD aggregate at ~SEK 270bn - roughly 58% of the full year estimate - so issuance is still well in line.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.

Macroeconomics

<ul><li>The Riksbank announced that the policy rate was kept steady at 1.75% after its monetary policy meeting 29 January.</li><li>In the press release and in the Monetary Update, the Riksbank reiterated the message from the previous meetings, i.e. signalling an unchanged policy rate for most of 2026.</li><li>The Executive Board was unanimous in its decisions.Inflation was lower than expected in December.</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 Riksbank announced that the policy rate was kept steady at 1.75% after its monetary policy meeting 29 January.In the press release and in the Monetary Update, the Riksbank reiterated the message from the previous meetings, i.e. signalling an unchanged policy rate for most of 2026.The Executive Board was unanimous in its decisions.Inflation was lower than expected in December.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>CPIFstood at 2.3% y/y andCPIF ex energyat 2.4 % y/y in November.</li><li>Thus, the year-on-year figures according to the flash published a week ago were confirmed.</li><li>The outcome was lower than expected ahead of the flash.Seasonally adjusted, the monthly change in inflation excluding energy and foreign travel dropped somewhat below the 2% target.</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.

CPIFstood at 2.3% y/y andCPIF ex energyat 2.4 % y/y in November.Thus, the year-on-year figures according to the flash published a week ago were confirmed.The outcome was lower than expected ahead of the flash.Seasonally adjusted, the monthly change in inflation excluding energy and foreign travel dropped somewhat below the 2% target.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.

Swedish November final inflation review: Food prices down

<ul><li>In line with expectations, the Debt Office revised up its borrowing requirement markedly from SEK 89bn to 173bn for next year.</li><li>This was mainly attributed to the fiscal reforms announced in the budget bill with increased expenditures towards defence and military aid to Ukraine.</li><li>On the income side, lower income tax and VAT on food also impact the budget balance negatively, but is somewhat compensated by boosting domestic demand.</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.

In line with expectations, the Debt Office revised up its borrowing requirement markedly from SEK 89bn to 173bn for next year.This was mainly attributed to the fiscal reforms announced in the budget bill with increased expenditures towards defence and military aid to Ukraine.On the income side, lower income tax and VAT on food also impact the budget balance negatively, but is somewhat compensated by boosting domestic demand.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.

SNDO report November 2025 review: Bonds. More Bonds.

Sweden

The Swedish krona is the official currency of Sweden

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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

SEK Covered Monthly: June 2025

Summarizing the first half of the year we conclude that it has been a fairly busy one. Coming in to this year the bar was set high with a full year...

Nordea

Riksbank minutes: Soft

In the press release and in the Monetary Update, the Riksbank reiterated the message from the previous meetings, i.e. signalling an unchanged...

Nordea

Swedish November final inflation review: Food prices down

CPIFstood at 2.3% y/y andCPIF ex energyat 2.4 % y/y in November.Thus, the year-on-year figures according to the flash published a week ago were...

Nordea

SNDO report November 2025 review: Bonds. More Bonds.

In line with expectations, the Debt Office revised up its borrowing requirement markedly from SEK 89bn to 173bn for next year.

Nordea

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