Breman's key comments in the Minutes

Note than Breman voted for a SEK100bln extension to QE (dissented against the SEK200bln extension announced).

• "I do not consider this appreciation in the krona and the risk of it strengthening further in the near term to be an argument for expanding asset purchases. With a floating exchange rate, fluctuations of this nature in the exchange rate are to be expected. There may be situations in which very substantial and lasting changes in the exchange rate provide justification for the Riksbank to act to safeguard price stability, but I do not feel we are close to such a situation at present."
• " The interest rates on the assets in the current buying programme can probably be kept on low levels by reinvesting principle payments and by making smaller purchases than those now being proposed in the draft decision. My assessment is therefore that SEK 100 billion would suffice to keep interest rates low throughout the economy during the second half of 2021 and provide support to the recovery and inflation."
• "Including treasury bills at this juncture does not provide significantly more support to an economic recovery beyond the support provided by the government bond purchases. My assessment is that this is not an effective tool in the current situation."
• "If conditions deteriorate even more than we currently expect, and if inflation does not also start to rise towards the target, we are prepared to take new decisions at short notice. In such a scenario, I would not hesitate to expand the purchases further and consider other measures such as a rate cut and/or improved terms for funding-for-lending programmes offered to banks."