Riksbank minutes: risk of inflation exceeding 2% target has risen

The shift in tone matters less for the level of Swedish rates than for the direction of travel: a central bank flagging upside inflation risk is signalling that its easing bias is not open-ended. That feeds directly into the krona and into Swedish rate-sensitive assets, and it sits awkwardly against a broader backdrop where other central banks are still leaning the other way. Whether this is a genuine reassessment or a hedging of language is the open question.