Riksbank Minutes comparison — 23 September 2025 vs 5 November 2025
This Riksbank minutes comparison covers 23 September 2025 and 5 November 2025. Overall, the newer document was more hawkish. The policy direction has shifted from easing to a pause. The hold at 1.75% suggests the central bank is waiting for further data before resuming cuts, signaling a more cautious near-term outlook.
What changed
More hawkish. The policy direction has shifted from easing to a pause. The hold at 1.75% suggests the central bank is waiting for further data before resuming cuts, signaling a more cautious near-term outlook.
- Inflation — Little changed. No inflation assessment in either document.
- Labour Market — Little changed. No labour market assessment in either document.
- Rate Path — More hawkish. Shift from a cut to a hold — the easing cycle has paused, signaling a more cautious stance.
- Balance Sheet — Little changed. No balance sheet discussion in either document.
Key wording
The Executive Board decided to cut the policy rate to 1.75 per cent at its monetary policy meeting on 22 September 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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