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Free AccessMNI: Minutes of Riksbank Feb 13 Monetary Policy Meeting - Text
LONDON (MNI) - The Riksbank decided to keep rates unchanged at -0.50%
following the Feb 13 2018 meeting. The minutes of the meet, released Feb 23
2018, follow:
----------------------------------------------------------------------
Minutes of the Monetary Policy Meeting held on 13 February 2018
At the Monetary Policy Meeting on 13 February 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 is unchanged since December and indicates that slow repo rate
rises are set to be initiated during the second half of this year. Reinvestments
of redemptions and coupon payments in the government bond portfolio will
continue until further notice.
A majority of the Executive Board supported the picture of the economic
outlook and inflation prospects described in the draft Monetary Policy Report.
Economic activity abroad continues to strengthen and in Sweden, growth is high,
the labour market is strong and inflation is close to the target of 2 per cent.
But the inflation forecast has been revised down slightly for the year
ahead as a result of weaker-than-expected inflationary pressures and wages
developments. It was noted that a necessary condition for inflation to stabilise
close to 2 per cent is that monetary policy remains expansionary.
Several members expressed concern over the development of inflation in the
period ahead and emphasised that downside risks need particularly close
attention when determining the appropriate timing and speed at which to initiate
rate rises. The importance of monetary policy proceeding cautiously was
emphasised in light of the length of time it has taken to bring inflation and
inflation expectations back to 2 per cent. It was noted that the relationship
between monetary policy in Sweden and abroad plays a central role as it
influences the development of the exchange rate and hence the economic outlook
and inflation prospects in Sweden. Developments in the housing market also
continue to be important to follow.
Several members also pointed out the importance of inflation expectations
continuing to be in line with the inflation target. Confidence in the inflation
target has strengthened, but there is a risk that it has still not been
completely restored after the earlier long period of low inflation. If inflation
expectations were once again to fall, it would make it more difficult for the
Riksbank to stabilise inflation going forward.
One member entered a reservation against the decision to hold the repo rate
unchanged and against the repo-rate path in the Monetary Policy Report. He
advocated an increase in the repo rate to -0.25 per cent, referring to the
strong economic development in Sweden and internationally and that inflation and
inflation expectations have been close to 2 per cent for some time.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
To read the full story
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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.