Swedish rates up, more to come

Sweden's central bank has raised rates by a quarter point to 4.5% - a new 12-year high - with the promise of two further hikes this year.

"The repo rate needs to be raised now and on a couple of further occasions during the year to bring inflation back towards the target a couple of years ahead," the central bank said in a statement on Thursday.

Consumer prices rose 4% in the year through May, the fastest pace since December 1993 and double the central bank's target. The central bank expects