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MNI Riksbank Review - All Down to Ingves

  • Indeed, the Executive Board was split 3-3 with Breman, Floden and Ohlsson all dissenting in favour of reducing purchases and not fully reinvesting maturing bonds, leaving Ingves to cast the deciding vote.
  • We had thought that the more hawkish ECB would sway Ingves’ view and that we would have seen him join in the vote for slowing asset purchases, but it did not.
  • Ingves’ view will be the one to watch, but we still expect the macro environment, inflation data and enough of an ECB policy shift to see him vote for smaller Q3 reinvestments, in line with those voted for by the dissenters this month.
For the full MNI review including summaries of sellside analyst views click the link below:

MNI Riksbank Review - Feb 2022.pdf

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