Sweden’s central bank, or Riksbank, was the first among developed economies to introduce negative interest rates during the crisis and will now be the first to hike those rates over the next two months.

The bank’s decision defies the prevailing trend in developed economies, which are returning to the monetary policy known as quantitative easing, whereby a central bank buys predetermined amounts of government bonds or other financial assets in order to inject liquidity directly into the econom...

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