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Minutes: Key comments from Breman

RIKSBANK
  • "I am cautiously optimistic that a recovery can happen rapidly, once vaccinations have been widely distributed in society. But it is important to be prepared for setbacks. This also means that the cost of withdrawing monetary policy support too soon is high."
  • Recall that Breman voted for a smaller QE increase in November.
  • "I therefore support the general direction of monetary policy. However, it is still my assessment that it would have been sufficient to have a smaller envelope for the second half of 2021 and that it was not necessary to include treasury bills. In this context, however, it is worth noting that, according to the preliminary plan for the second half of 2021, principal payments due in the autumn of 2021 will not be fully reinvested. It is important that this is not seen as a tapering-off but is taking place for technical reasons so as not to create large fluctuations in the purchasing rate between different quarters. Furthermore, scope is reserved for the purchase of commercial paper, which, considering current developments, will probably not be utilised. This means in practice that expected purchases of securities during the second half of 2021 are fairly close to my preferred size. Subsequently maintaining holdings during 2022 is a good plan."
  • "The appropriateness of a rate cut will depend on the situation and, as always, benefits must be weighed against possible drawbacks"
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