Riksbank Minutes comparison — 20 August 2025 vs 23 September 2025
This Riksbank minutes comparison covers 20 August 2025 and 23 September 2025. Overall, the newer document was more dovish. The central bank cut rates in September after holding in August, indicating a clear dovish shift in the easing cycle. The next decision is likely to see further cuts if economic conditions permit.
What changed
More dovish. The central bank cut rates in September after holding in August, indicating a clear dovish shift in the easing cycle. The next decision is likely to see further cuts if economic conditions permit.
- Inflation — Little changed. No key passage on inflation in either document; no change in assessment.
- Labour Market — Little changed. No key passage on labour market in either document; no change in assessment.
- Rate Path — More dovish. The policy rate was cut from 2% to 1.75%, signalling continued easing.
- Balance Sheet — Little changed. No key passage on balance sheet in either document; no change in assessment.
Key wording
The Executive Board decided to hold the policy rate unchanged at 2 per cent at its monetary policy meeting on 19 August 2025.
The Executive Board decided to cut the policy rate to 1.75 per cent at its monetary policy meeting on 22 September 2025.
Official documents
Background reading
Related
Earlier meeting · Later meeting · Next comparison · Methodology
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