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Free AccessMNI BRIEF: Riksbank Minutes: 25 or 50 bps Hike At April Meet
All members of the Riksbank's Executive Board backed the latest 50 basis point hike and were concerned about continued krona weakness and were open to a further hike, of either 25 or 50 basis points, at the next meeting in April, the minutes of the February meeting show. (MNI RIKSBANK WATCH: At Least One More Hike After 50Bps In Feb)
At his first monetary policy meeting new Governor Governor Erik Thedéen said that "a weak krona, and possible continued depreciation are not welcome" and added that in his view the next move would be a 25 or 50 bps hike in the Spring, with the board watching incoming data closely. His colleagues cited the outturn of the current pay round as one key measure for policy, and concerns were expressed that headline inflation in Sweden has yet to begin its expected descent.
Deputy Governor Per Jansson gave a nod towards a 25 bps hike saying "he largest policy-rate increases could be behind us and the focus is therefore moving from the change in the rate to its level," but at the other end of the spectrum his colleague, Henry Ohlsson, described February's 50 bps hike and other tightening measures, including the sale of bonds, as "the least we can do."
Deputy Goverenor Martin Floden was neutral betweeen 25 and 50 bps at the next meeting, with the February minutes leaving the door wide open to either outturn.
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