Sweden’s currency strengthened after its central bank surprised the market with an initiative to sell government bonds. The Riksbank’s plan to shrink its balance sheet by actively selling down bond holdings puts it **among the most aggressive central banks in embracing quantitative tightening**, or QT. The Bank of England is doing similar. The Federal Reserve has been reducing its balance sheet more passively, by allowing the securities it holds to mature without replacing them. + The Riksbank w

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