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Minutes: Key comments from Skingsley

RIKSBANK
  • "A useful rule of thumb is to assess appropriate monetary policy based on what inflation is forecast to be 12-24 months from today. CPIF inflation is expected to be on average 1.7 per cent between summer 2022 and summer 2023. Excluding energy prices, the CPIF if expected on average to be 1.6 per cent during the same period. There is thus, in my opinion, good reason to maintain the degree of expansionary monetary policy described in the draft Monetary Policy Report."
  • "Based on a medium-term perspective, inflationary pressures are still too low to justify a change towards less expansionary monetary policy."
  • "Experience from earlier years in the 2010s shows that inflationary pressures in Sweden tend to be on the low side, even in periods when resource utilisation is high."
  • "If monetary policy is to function as a powerful tool that can be used quickly to counteract economic downturns and rising unemployment, inflation needs to be stabilised around the target. Only then can the repo rate be raised again, which creates scope for future monetary policy efforts when justified."
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