Meanwhile, Sweden Executes ‘Record-Large’ Hawkish Pivot

The Bank of Japan wasn't the only central bank to surprise markets Thursday. Although the BoJ's strengthened commitment to capping 10-year JGB yields and the attendant slide in the yen grabbed all the headlines, it's worth noting that Sweden executed a policy U-Turn. The Riksbank hiked rates 25bps (figure below), unveiled plans to shrink its balance sheet and shifted its projections dramatically. "Inflation has risen to the highest level since the 1990s and will be high for some time," the ne

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