Reading The Markets: Sweden
Danske Markets | Jun 28, 2013 07:45AM ET
Time for the Riksbank again - our guess is for the repo rate and rate path on hold, let's hope that the economists don't come up with a new revolutionary idea as in April when the rate path shifted out almost a year. Anyway, it may be that the ECB will be the interesting central bank also for the Swedish FRA curve which typically has a good correlation with Euribor. We wouldn't be surprised if Mr Draghi once again takes the opportunity to intervene verbally for a lower Euribor.
We reiterate our recommendation to go for wider BEI spreads in the short end of the curve. The market currently discounts extremely low inflation in CPIF terms in coming years.
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