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Sweden's Riksbank Makes First Half-Point Rate Cut in Decade to 2.75% as Inflation Exceeds Target
Nov 7, 2024, 08:37 AM
Sweden's Riksbank, the world's oldest central bank, has cut its benchmark interest rate by 50 basis points to 2.75%, marking the first half-point reduction in a decade. The move follows data showing Sweden's core inflation rose above expectations, slightly exceeding the Riksbank's 2% target. The rate cut aims to provide additional support to the stagnant economy and help stabilize inflation. The central bank signaled that further rate cuts may occur in December and during the first half of 2025, in line with previous communications.
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