Swedish central bank cuts policy rate, sees faster easing ahead
Riksbank cuts policy rate by 25 bps to 3.25% as expected
Bank expects to cut at remaining two meetings this year
Says 50 bps cut at one of those meetings is 'possible'
Forecasts 1-2 further cuts in first half of 2025
Rate cut comes as inflation runs below Riksbank target
Adds background in paragraphs 2 and 4, analyst comment in paragraph 7-8
By Johan Ahlander and Simon Johnson
STOCKHOLM, Sept 25 (Reuters) -Sweden's central bank cut its key interest rate to 3.25% from 3.50%, as expected, on Wednesday and said that if the inflation outlook remained favourable it could ease policy at a faster pace in the months ahead.
With inflation under control and the economy going through a soft patch, the Riksbank cautiously shifted its policy stance in spring this year and has grown increasingly confident it can speed up rate cuts to help struggling businesses and households.
"If the outlook for inflation and economic activity remains unchanged, the policy rate may also be cut at the two remaining monetary policy meetings this year," the Riksbank said in a statement.
The central bank, which has now cut rates three times this year, held out the prospect it could follow the lead of the U.S. Federal Reserve and make a half-percentage point cut at one of the two remaining policy meetings this year.
"A cut of 0.5 percentage points is possible at one of these meetings," the Riksbank said.
The central bank also flagged one or two further rate cuts during the first half of 2025.
Analysts had unanimously predicted a cut of a quarter percentage point on Wednesday and the Swedish crown was broadly unchanged after the announcement.
"We forecast that the Riksbank will cut the policy rate two more times this year, by 50 basis points in November and by 25 basis points in December, leaving the policy rate at 2.50% at year-end," Swedbank said in a note.
"In 2025, we expect the policy rate to be cut to 2% by March."
The Federal Reserve cut rates by half a percentage point last week,after a quarter-point cut by the European Central Bank earlier in the month, easing worries that rapid Swedish rate cuts could hit an already relatively weak crown currency and rekindle inflation through higher import prices. 0#FF:
Headline inflation has continued to ease from a peak of above 10% in 2022, coming in at 1.2% in September - below both the Riksbank's forecast and its 2% target. It was the third month in a row with inflation below target.
At the same time, the economy has slowed with manufacturers, households and the construction sector all weakening in the second quarter, signalling a need for rate cuts to rekindle growth not withstanding government moves to ramp up fiscal stimulus.
Swedish rates and inflation: http://tmsnrt.rs/1qEN4Rz
Swedish economy: http://tmsnrt.rs/2bylYpf
Reporting by Simon Johnson, Niklas Pollard, Terje Solsvik and Johan Ahlander; editing by Niklas Pollard and Christina Fincher
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