Moving forward, Riksbank first rate hike move to June, see 25bps hikes in September and November. This will be followed by a move in February next year, before a move to wait-and-see mode, as headline inflation starts heading back to target. See a 40% chance of a rate lift-off bext week, but on balance, we think Riksbank will use the meeting to announce passive QT and a June rate move. - Morgan Stanley
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