Swedish central bank cuts interest rate amid weak economy

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Swedish central bank cuts interest rate amid weak economy

STORY: Swedish central bank cuts interest rate amid weak economy SHOOTING TIME: May 8, 2024 DATELINE: May 9, 2024 LENGTH: 00:01:31 LOCATION: Stockholm CATEGORY: ECONOMY SHOTLIST: 1. various of Sweden's central bank 2. various of Stockholm street STORYLINE: Amid weak economic activity, Sweden's central bank lowered its benchmark interest rate from 4 percent to 3.75 percent on Wednesday. This is the first rate cut in eight years. The Riksbank said the change to the policy rate will apply from May 15. The Riksbank's executive board said that if the outlook for inflation still holds, two more policy rate cuts can be expected in the second half of the year. "It was expected. They cut the interest rate because inflation is sinking towards the target even faster than the Riksbank had predicted, and the economy is weak," said Alexander Noren, an economic commentator on Swedish Television (SVT). "However, they will proceed carefully and not spring any surprises," Noren added. "I am totally convinced

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