Sweden just dropped a November inflation surprise that caught markets off guard. Core CPI (excluding energy) fell 0.6% month-over-month—way steeper than the -0.3% economists were betting on. Even more striking? Last month saw a +0.3% gain, making this swing a full percentage point reversal.

This deflation print could shift the narrative around European monetary policy. When core inflation cools this fast, central banks get more room to maneuver on rates—and that ripples through risk assets, including crypto. Worth watching how Nordic economic trends play into broader EU policy decisions in Q1 2025.