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Minutes: Key comments from Breman

RIKSBANK
  • "In the near run, inflation that is temporarily above the target is unproblematic. Neither is it a problem if inflation expectations were to go slightly higher. On the contrary, this could instead help to anchor inflation and inflation expectations close to the target in the long run."
  • "In the minutes of our last meeting, I stressed that my hope is for the next step to be a rate rise rather than a rate cut. Thanks to the recovery beginning to get a foothold, this hope has been strengthened. Already at today's meeting, I could have envisaged a repo-rate path that indicates a rate rise at the end of the forecast period. The reason why I am refraining from entering a reservation is that the repo-rate path is a forecast and that inflation on average has been below target for a long period."
  • "I would like to conclude by emphasising that the repo-rate path and the plan for asset purchases are a forecast and not a promise. If the outlook for inflation weakens, especially if confidence in the inflation target was under threat, we can cut the repo rate or make monetary policy more expansionary in some other way. But, if inflation were to risk overshooting the target substantially and persistently, less expansionary monetary policy, for example a rate rise, could be justified during the forecast period."
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