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Minutes: Ingves

  • " The average rate for CPIF inflation in the past 20 years has been around 1.5 per cent. With this background: the fact that inflation is now according to our forecasts going to slightly overshoot our target of 2 per cent is not a major problem, in my view. As long as we do not see any signs of a lasting increase in the rate of inflation, or inflation expectations that rise in a worrying manner, we should proceed with caution when it comes to making monetary policy less expansionary."
  • "I see a risk in withdrawing the monetary policy stimulation too soon, only to then see inflation fall back and fasten below the target. We know from experience that it takes time to bring the inflation rate up to the target when it has become entrenched at a too low level, and this is a situation we need to avoid. The repo rate needs to remain at zero per cent for a longer period of time, and our holdings of securities need to remain more or less unchanged through next year for inflation to more lastingly develop in line with the inflation target."
  • "If we were to be proved wrong, and inflation does not fall back, we have effective tools for managing this situation further ahead. In other words, it is too early yet to change course."

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