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WEATHER

Storm Ingunn: Hurricane breaks Sweden’s wind speed record

Record-breaking winds were measured as Storm Ingunn hit the north of Sweden.

Storm Ingunn: Hurricane breaks Sweden's wind speed record
A tractor in Trondheim holds down loose roof panels blown off a building by Storm Ingunn. Photo: Joakim Halvorsen/NTB/TT

Stekenjokk in the north of Sweden recorded wind speeds of 186.4 kilometres per hour, or a category three hurricane, on Thursday morning.

The figures were later confirmed by weather agency SMHI, which means Sweden has a new wind speed record.

SMHI issued Sweden’s most severe weather warning, a red warning, for the north-westernmost areas of Norrbotten on Thursday afternoon, due to extreme high winds which could reach hurricane speeds in some areas.

“At these speeds, trees can snap and roofs can be ripped off,” Wittskog said.

EXPLAINED:

Wind speeds weren’t expected to be quite as strong as in Stekenjokk throughout the area covered by the red weather warning – SMHI expected that wind speeds in most areas would stay around 120-125km/h.

It predicted that the strong winds would continue from around noon on Thursday to 7pm, warning that winds will have serious consequences for bus, air, train and ferry transport, extensive power outages in areas with overhead power lines, extensive damage to buildings and very extensive forest damage.

In many areas, roads were closed due to the weather and fallen trees, the Transport Administration told TT.

What should you do during a storm?

During a storm, you should stay indoors, working from home if you can, as there is a risk that you could be injured by flying objects or falling branches. Make sure your doors and windows are closed, and stay away from electric power lines which have fallen to the ground.

If you need to go outside, avoid driving, Krisinformation.se warns, as storms are likely to cause delays in traffic and trees or lampposts could fall on the roads.

For Swedish speakers, you can keep up to date on specific disruptions and storm guidance in your area by listening to local radio – Sveriges Radio P4.

It’s also a good idea to be prepared if there is a power outage, making sure you have some way of heating food and warming your home, as well as food and water which don’t need to be kept cold, and a light source, like a torch or candles.

You should also tie down any loose items, like trampolines or garden furniture, if it is safe to do so, as well as making sure things like outdoor blinds or awnings are stowed away.

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MONEY

Swedish central bank lowers interest rate for first time in eight years

Sweden's Riksbank central bank has lowered the country's main interest rate by 0.25 percentage points to 3.75 percent, down from 4 percent. This is the first time the bank has lowered the rate since 2016.

Swedish central bank lowers interest rate for first time in eight years

The decision to lower the so-called policy rate was widely expected, as the central bank itself indicated in a policy rate prognosis from March that it could lower rates between five and six times before the end of 2025, starting in either May or June this year.

“Monetary policy and diminishing supply shocks have contributed to inflation falling, and now it’s nearing the target,” the bank wrote in a press statement.

The bank’s inflation target is 2 percent. In March, inflation was just 2.2 percent.

“If the inflation outlook remains the same, the policy rate could be lowered at least two more times in the second half of the year,” the bank wrote, adding that new information since its most recent monetary policy report was published in March “strengthens the picture of inflation also being closer to the target in the slightly longer term”.

This effectively rules out the possibility of a further rate cut in June.

It also warned that the outlooks for inflation are “uncertain”, highlighting the strong American economy, geopolitical unrest and the krona’s exchange rate as risk factors which could cause inflation to rise again.

“Changes to monetary policy should therefore be taken carefully, with gradual cuts to the policy rate.”

Thursday’s announcement is crucial, as the policy rate is the bank’s main monetary policy tool. It decides which rates Swedish banks can deposit in and borrow money from the Riksbank, which in turn affects the banks’ own interest rates on savings, loans and mortgages.

If bank interest rates are high, it’s expensive to borrow money, which means people spend less and as a result inflation drops.

This cut to the policy rate won’t immediately lower the cost of your mortgage, but it’s likely to have a knock-on effect.

At its last meeting before the cut, the bank chose to keep rates the same at 4 percent, where they stood since September last year – the highest policy rate seen in Sweden since 2008, and the end of almost a year and a half of interest rate hikes.

The bank predicted in March that the policy rate could drop to as low as 2.75 percent, a drop of 1.25 percentage points, by the end of 2025. If mortgage rates also drop by the same amount, it would reduce the cost of a 3 million kronor mortgage by around 3,000 kronor a month.

The new rate will come into effect on May 15th.

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