Minutes of the Riksbank’s 3 November meeting show the vote for Sweden’s first rate rise in three years was unanimous, and that two of the five board members left the door open to another hike as soon as December.
MoneyTurkey Economics Desk | 10 November 2026
Key points
- The Riksbank raised its policy rate by 0.25 percentage points to 2% on 3 November; the board was unanimous, the minutes show
- Deputy Governor Per Jansson did not rule out a December hike, and Anna Seim argued for acting early
- Governor Erik Thedéen backed the September rate path and appeared to lean toward two hikes early next year, Danske Bank said
- Danske still expects hikes in February and March, taking the rate to 2.50%
What the minutes say
All five board members stand behind the rate path from September, which assumes further tightening, but they are not fully agreed on timing, Swedish news agency TT reported. “Acting early, I believe, reduces the risk that we need to act more forcefully later,” Seim said, according to the minutes, describing the hikes as “a natural part of a normal business cycle”.
Danske Bank’s research team called the minutes “fairly in line with expectations, but on the hawkish side.” Board members are more worried about the inflation outlook and more confident in growth, it said, and are focusing on indicators of rising price pressure rather than current inflation. Aino Bunge argued for gradual hikes, while Göran Hjelm’s main scenario was one more hike.
Why it matters
The staff briefing in the minutes notes that the krona strengthened in October as the gap between euro-area and Swedish rates narrowed, but remains the G10 currency that has weakened most against the dollar this year. Excluding temporary fiscal measures, CPIF inflation, the Riksbank’s target measure, was already 3% in September. Two members open to December is not a majority, so the board’s centre of gravity still points to hikes early next year.
What to watch
- Swedish inflation data ahead of the December meeting
- Further comments from Jansson and Seim
- The krona against the euro and dollar
For information only. Not investment advice.
Sources
- Sveriges Riksbank: Minutes of the monetary policy meeting on 3 November 2026
- TT via TV4: Riksbankstoppar kan tänka sig decemberhöjning
- Danske Bank via FXStreet: Riksbank Minutes – November 2026
