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Minutes: Jansson: Real policy rate remains negative

RIKSBANK
  • "Since our last monetary policy meeting at the end of April, inflation has continued to rise sharply, in an increasingly worrying fashion... That inflation has continued to be much higher than expected is obviously a cause for concern. But even more worrying is that the breadth of price rises has increased further."
  • "My conclusion regarding the longer-term inflation expectations is therefore the same as in April; the second line of defence against more persistently high inflation has not been breached. And my thoughts on suitable monetary policy going forward also continue to be focused to a very high degree on designing it to ensure that this line of defence remains intact"
  • "What I find increasingly worrying, and in this respect the situation has also deteriorated since April, is the change in price-setting behaviour among Swedish companies."
  • "Despite that we now feel compelled to increase the interest rate faster and more than we thought in April, the real policy rate is negative for almost the entire period for which it is possible to calculate it. In this sense, the rate increase during the forecast period is still rather modest."
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