Riksbank Minutes comparison — 20 August 2025 vs 5 November 2025
This Riksbank minutes comparison covers 20 August 2025 and 5 November 2025. Overall, the newer document was more dovish. The current document holds the policy rate unchanged at a lower level of 1.75% compared to the prior hold at 2%, indicating a prior cut and now a pause. This suggests a dovish bias overall, with the committee comfortable with the current accommodative stance.
What changed
More dovish. The current document holds the policy rate unchanged at a lower level of 1.75% compared to the prior hold at 2%, indicating a prior cut and now a pause. This suggests a dovish bias overall, with the committee comfortable with the current accommodative stance.
- Inflation — Little changed. No inflation-related passage in either document; no shift.
- Labour Market — Little changed. No labour market passage in either document; no shift.
- Rate Path — More dovish. Rate held at 1.75% after previous hold at 2%—the effective rate level is lower, reflecting a prior cut and a pause, a dovish shift in stance.
- Balance Sheet — Little changed. No balance sheet passage in either document; no shift.
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 hold the policy rate unchanged at 1.75 per cent at its monetary policy meeting on 4 November 2025.
Official documents
Background reading
Related
Earlier meeting · Later meeting · Previous comparison · Next comparison · Methodology
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