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Free AccessMNI: Minutes of Riksbank Apr 25 Monetary Policy Meeting - Text
LONDON (MNI) - The Riksbank decided to keep rates unchanged at -0.50%
following the Apr 25 2018 meeting. The minutes of the meet, released Feb 23
2018, follow:
----------------------------------------------------------------------
Minutes of the Monetary Policy Meeting held on 25 April 2018 At the Monetary
Policy Meeting on 25 April 2018, the Executive Board of the Riksbank decided to
hold the repo rate unchanged at -0.50 per cent. The forecast for the repo rate
has been revised down since the monetary policy meeting in February and
indicates that slow increases in the repo rate will not be initiated until
towards the end of the year.
A majority of the Executive Board supported the picture of the economic
outlook and inflation prospects described in the draft Monetary Policy Report.
This picture has remained largely unchanged since February. Economic activity
abroad continues to strengthen, but inflation is rising moderately. In Sweden,
the economic situation is strong and inflation has been close to the target over
the past year.
One of the reasons why CPIF inflation is close to 2 per cent is a rapid
increase in energy prices. Underlying inflation has been unexpectedly weak so
far this year and, as at the February meeting, the forecast for inflation
measured in terms of the CPIF excluding energy has been adjusted downwards.
Several members expressed concern about the development of inflation going
forward and it was noted that a prerequisite for CPIF inflation to stabilise
close to 2 per cent is that monetary policy remains expansionary. It has taken a
long time to bring inflation and inflation expectations back to 2 per cent and
several members stressed the importance of vigilance and caution in monetary
policy. In light of the uncertainty surrounding the strength of inflationary
pressures, the majority concluded that it is reasonable to now wait slightly
longer before it is time to start raising the repo rate than according to the
assessment made at the monetary policy meeting in February. The forecast for the
repo rate indicates that rate rises will be initiated towards the end of the
year.
Slight differences of opinion were expressed as regards when it might be
appropriate to raise the repo rate. One member did not wish to rule out the
possibility of it happening in September while another thought that it may be
necessary to further postpone the first increase, compared with the forecast for
the repo rate.
The members discussed the development of the exchange rate; what might be
behind the large movements that have occurred since the last meeting and in what
way this is expected to affect inflation. Several members pointed out that it is
important that the krona exchange rate develops in a manner compatible with
inflation stabilising close to the target.
Several members also underlined the importance of inflation expectations
continuing to be in line with the inflation target.
There was also a discussion about distributional effects and whether
monetary policy can and should take redistribution policy into consideration.
One member entered a reservation against the decision to hold the repo rate
unchanged and against the repo rate path in the draft Monetary Policy Report. He
advocated raising the repo rate to -0.25 per cent with reference to the strong
economic growth in Sweden and abroad.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.