Sweden's Central Bank Lowers Key Rate

Sweden's central bank announced its plans to lower the repo rate by 0.25 percentage point to 1.75%. The Riksbank reduced its repo-rate view for 2012 to 1.7% versus 2.2%. It also cut its repo-rate view for 2013 to 2.1% from 2.7%. The Riksbank lowered its gross domestic product target to 1.3% versus 1.5% in 2012 and to 2.3% versus 2.4% in 2013.