Jansson Reaffirms Dovish Stance; No Reference to QT Outlook

The text summary of Per Jansson's speech at Swedbank this afternoon reaffirms his stance as one of the more dovish voices on the Riksbank Executive Board.

• The comments did not prompt any meaningful reaction in SEK, which moved weaker against the EUR and USD following the slightly firmer than expected US CPI release but has since partially pared losses.
• Jansson is the first Riksbank Board member to speak this year, and comes ahead of Monday's December CPI data.
• He states that recent outcomes have reinforced his opinion that "inflationary pressures are really on the way down", but references changing company pricing behaviour as a source of uncertainty r.e. inflation dynamics.
• The speech summary does not make any reference to the Riksbank's QT outlook, which is the main area of question at the upcoming meeting. It is widely expected that the Riksbank will increase the pace of bond sales, but uncertainty remains on by how much.