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Sweden's 'Provocative' Central Banker Looks After His Own Patch
Stefan Ingves isn’t a man to be swayed. Already branded a "sadomonetarist" by Nobel laureate Paul Krugman, the 62-year-old governor of Sweden’s central bank cut rates to a record low of minus 0.50 percent, ignoring criticism from analysts and reservations within his own board. "Provocative" is how Andreas Wallstroem, an economist at Nordea Bank, characterized the move. With its 2 percent inflation target proving elusive, a reduction had been forecast by 10 of the 18 analysts surveyed by Bloomberg. But it was deeper than the median estimate of 0.45 percent. There’s now talk of more cuts to come. The decision ... (full story)