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Minutes: On hold for some time seems most likely

RIKSBANK
  • Overall view of the Minutes is it doesn't change much for the Riksbank.
  • They are all fairly happy with where policy is now but there is no urgency whatsoever among any member to withdraw any stimulus (although Breman does point to still wanting less purchases in H2 as she voted for in November).
  • On hold looks the most likely policy for some time then, but a cut doesn't seem out of the question. Most members are most concerned about inflation expectations in this regard but also noted that the fall seems to have stabilised.
  • If economic activity takes another dive or financial markets become dysfunctional, cuts cannot be ruled out for these reasons either, but the bar seems pretty high for these triggers.

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