Both SEB's chief economist Jens Magnusson and Nordea's chief analyst Susanne Spector note that the 0.25 percentage point cut to 3.25 percent was expected.
They also signal that they will cut by 25 points at the remaining meetings, says Spector.
Furthermore, the Swedish Central Bank is opening up for the possibility that at least one of the cuts this autumn could be a so-called double cut of 0.50 percentage points.
According to Susanne Spector, the Swedish Central Bank has not included such a cut in its prognosis.
They are opening the door a little, just a crack. It's not a main scenario, but it's possible, she says.
Maybe wanted to now
Jens Magnusson at SEB believes, on the other hand, that it is more likely that the Swedish Central Bank will do just that – cut extra deeply in the autumn, and that it was already included in SEB's prognosis.
Not at this meeting, but later. And I note that the Swedish Central Bank is now also opening up for it, which also feels reasonable and logical, he says.
One reason why it stopped at 25 points now is that the Swedish Central Bank leadership does not want to surprise the market, he believes.
They may have actually wanted to cut by 50, but didn't flag it. Can the Swedish Central Bank have reasoned like that?
Maybe. They certainly see that there are reasons to move a bit faster than just cutting by 25 points at each meeting, says Magnusson.
"Points out the way clearly"
Despite this, the Swedish Central Bank is still more cautious than the market pricing, according to Spector.
They are signaling that they will fairly quickly cut the interest rate down to 2.25 and then stabilize. It's a clear shift.
But the market is counting on an interest rate of 1.75 percent as the endpoint next year, so relatively, the Swedish Central Bank is a bit hawkish, she continues.
Jens Magnusson believes that today's message about powerful further cuts will have an important psychological effect on the Swedish economy, an effect that may come even faster than the actual interest rate cuts that will have an impact on households' wallets or companies later on.
Since they are pointing out the way so clearly towards lower interest rates ahead.
