Global Rates: Scandi Central Banks and noisy UK politics

• 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.

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