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Hawkish comments from Ohlsson (but he is a hawk)

  • Riksbank Deputy Governor Ohlsson is reported to have said that "everything we did in February is obsolete" and that "we are starting from scratch right now." (Source: Bbg)
  • These comments are on the hawkish side, although recall that Breman said last week that "a rate hike in June can't be ruled out" and she also said that the decisions taken in February are "now a thing of the past".
  • Ohlsson and Breman both hawkishly dissented in February, joined by Floden in what was a 3-3 vote with Governor Ingves breaking the deadlock and stopping reinvestments from being slowed.
  • Against this backdrop its perhaps not too surprising that we are seeing these comments from the hawks but it is still Ingves' comments that remain the key to more hawkish action (with the Skingsley and Jansson both seemingly some far away from tighter policy - albeit they haven't spoken recently).
  • Ingves' last commens on 16 March were that rate hikes would be needed sooner than 2024 (as the last MPR forecast) but that it was too soon to say what happens to the balance sheet. He also wouldnt be drawn on when he now expected the first hike to be.
  • EURSEK hasn't really reacted to Ohlsson's comments today.

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