Sweden's central bank stuck with its wait-and-see approach to policy, leaving its benchmark repo rate at zero today and pointing to no changes in the coming years. 

The Riksbank raised the repo rate in December, ending almost five years of negative rates and becoming the first of the central banks that had cut rates below zero to do so.

But with inflation weak, uncertainty about the effects of the coronavirus and ongoing trade tension between the US and China, rate-setters seem in no hurry to tighten further.

This is despite regularly warning about the long-term effects of ultra-loose policy. 

"The repo rate is expected to remain at zero per cent during almost the entire forecast period, which will contribute to good economic development and close-to-target inflation," the central bank said in a statement. 

"The effects of the coronavirus are expected to reduce global growth in the short term, but it is difficult at present to fully assess the economic consequences." 

Another rate increase may be a long way off, but rate-setters look even less eager to cut them below zero again. 

They stuck to their policy outlook drop in the forecast for underlying inflation this year to 1.3% from 1.7%. The Riksbank targets 2% inflation. 

It blamed falling energy prices and said that inflation would nevertheless be close to target in the coming years. 

The Riksbank's caution brings it into step with most other major central banks, which are weighing ongoing uncertainties against signs the global economy is stabilising.

The European Central Bank, which has guided for unchanged rates, recently argued economic risks may be easing, echoing a report to Congress by the Federal Reserve in the US. 

Norway is expected to leave rates unchanged for the foreseeable future, after raising them three times last year, but rising inflation may lead to another rate rise. 

Norges Bank announces its next decision on March 19. 

All 36 analysts in Reuters poll saw rates unchanged, with the median forecast for rates to remain at 0% until at least the end of 2021, the horizon of the poll. 

One analyst saw a cut later this year and two expected a hike next year.