Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-09-27
A pivotal week of decisions saw Norway hike to 4.5% with another rise flagged, Sweden and Switzerland both hold with hawkish upgrades. Norges Bank and the Riksbank raised their rate paths, while the SNB stayed at 0% despite higher inflation forecasts and a weaker franc. Watch for the RBA's September 29 meeting and RBNZ odds in October.
Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-09-27
Top developments
Norges Bank raises policy rate to 4.5% and lifts the rate path
Norges Bank raised its policy rate from 4.25% to 4.50% on 24 September, with Governor Ida Wolden Bache saying the hike is needed to dampen price growth. The bank's new rate path signals a possible further increase by summer 2027, even as unemployment is expected to edge up. The krone swung after the announcement, and Bank CEO comments indicated she is "prepared to raise the rate even more". Monetary Policy Report 3/2026 was published alongside the decision.
Riksbank holds at 1.75% but raises the rate path
Sweden's Riksbank kept its policy rate unchanged at 1.75% on 24 September — the level since September 2025 — but flagged that the economy is stronger and supply disruptions persist, lifting the probability of a hike later this year. The bank raised its economic forecast and its rate path for 2027–2028 to higher rates than previously.
SNB stays at 0% despite higher inflation forecasts and a weaker franc
The Swiss National Bank held its policy rate at 0.0% on 24 September as low inflation and a relatively strong franc allow it to diverge from other central banks — though markets expect hikes ahead. The decision came with a marked franc weakening, which the SNB is factoring into its inflation outlook. On 26 September, SNB President Martin Schlegel told SRF the muted Swiss inflation outlook leaves the bank in a "comfortable" position.
Local view
- Norway: E24 called the September rate meeting a "rentethriller" that ended with an increase — "and there may be more" — while NRK noted the rate peak "is probably reached, according to chief economists," despite the bank's signaling.
- Sweden: Aftonbladet argued there are "good reasons for Riksbank chief Erik Thedéen and his colleagues to take it easy," even as the bank flags a hike this autumn and at least one more next year. Expressen quoted Avanza's Felicia Schön: "It is time to prepare the economy for higher interest costs".
- Switzerland: SRF noted Switzerland now has the world's lowest policy rate, with the SNB expecting only minimally higher inflation. Bilanz highlighted surprisingly robust Swiss growth and rising global yields as reshaping the SNB's calculus.
Context & numbers
- Policy rates after 24 September decisions: Norway 4.5% (up from 4.25%), Sweden 1.75%, Switzerland 0.0%.
- Most Swedish forecasters see the Riksbank policy rate rising to 2.0% by end-2026.
- The RBA's cash rate target stands at 4.35% as of its most recent decision on 11 August; markets now anticipate its next move.
On the radar
- RBA decision on 29 September is imminent; all four major Australian banks had forecast a hike to 4.60% ahead of the meeting.
- RBNZ October 28 decision: markets price roughly 88% odds of a hold, following the 2 September hike to 2.75%.
- Sweden: currency strategists are debating how much krona weakness the Riksbank can tolerate before inflation risks become too large — watch for further Riksbank commentary.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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