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Sweden's Riksbank Makes First Half-Point Rate Cut in a Decade, Reduces Benchmark to 2.75%
Nov 7, 2024, 08:40 AM
On Thursday, November 7, 2024, Sweden's Riksbank announced a 50 basis point cut to its benchmark interest rate, lowering it to 2.75%. This marks the first half-point reduction in a decade and aims to provide additional support to a stagnant economy while helping to stabilize inflation at the central bank's target. Traders had anticipated the move, expecting the Riksbank to accelerate its easing measures amid limited market movements. In an official statement, the central bank said, "The policy rate is lowered by 0.5 percentage points to 2.75 percent to provide additional support to the economy and help stabilize inflation at the target." The Riksbank signaled the possibility of further cuts to come and held a press conference to discuss the decision.
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