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Mats Hydén, analyst at Nordea Markets, notes that the Riksbank has kept its repo rate unchanged at -0.25%, while the repo rate path was revised downward significantly.

Key Quotes

“The phase of bond buying roughly cut in half.”

Rate path: large downward revision of path. Significantly lower probability for another hike this year.”

QE: 45 bn will be bought between July 2019 and December 2020. This corresponds to half the current buying phase.”

Macro forecasts: CPIF revised down 2019 as expected.”