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MNI: Minutes of Riksbank Jul 3 Monetary Policy Meeting - Text

MNI (London)
     LONDON (MNI) - The Riksbank decided to keep rates unchanged at -0.50%
following the Dec 19 2017 meeting. The minutes of the meet, released Jan 10
2018, follow:
     ----------------------------------------------------------------------
Minutes of the Monetary Policy Meeting held on 19 December 2017 At the Monetary
Policy Meeting on 19 December 2017, the Executive Board of the Riksbank decided
to hold the repo rate unchanged at -0.50 per cent. It is expected that rate
rises will begin at a slow pace in mid-2018, which is the same assessment as
made at the meeting in October. The Executive Board has also decided to begin
reinvestment of the bonds that mature in 2019 during January 2018.
     The Executive Board noted that the Riksbank's overall assessment of the
economic outlook and inflation prospects in the years ahead remains the same as
in the forecast in October.
     Economic activity abroad is increasingly strong but global inflationary
pressures are subdued and the normalisation of monetary policy abroad is
expected to proceed slowly. In Sweden, economic activity is still strong and
resource utilisation is higher than normal. CPIF inflation is close to 2 per
cent, as are inflation expectations.
     Several board members noted that although CPIF inflation is 2 per cent, it
has taken time and required a great deal of support from monetary policy to
achieve this. In order for inflation to remain close to 2 per cent going
forward, monetary policy needs to continue to be expansionary. It is therefore
too early to change the direction of monetary policy.
     The Executive Board unanimously agreed to leave the repo rate unchanged at
-0.50 per cent, with some slight differences in opinion regarding the
appropriate time to initiate slow rate rises. Views also differed as regards the
need to bring forward reinvestments of maturing government bonds. Large
maturities, amounting to a good SEK 50 billion, will occur during the first half
of 2019. In addition, there are coupon payments of a total of around SEK 15
billion from January 2018 to June 2019. A majority of the Executive Board
considers it appropriate to initiate reinvestments of these maturities and
coupon payments as early as January 2018 and to allow them to continue until the
middle of 2019. This means that the Riksbank's holdings of government bonds will
increase temporarily in 2018 and the beginning of 2019. Two members instead
considered it more appropriate to wait and decide at a later stage whether, and
if so how, redemptions during 2019 shall be reinvested.
     Several members discussed aspects of the normalisation of monetary policy
and how much monetary policy room for manoeuvre the Riksbank has in relation to
central banks abroad. In this context, it was pointed out that the development
of the exchange rate is particularly important.
     Developments on the Swedish housing market were also discussed. The
increase in housing supply and slowdown in housing prices are welcome
developments. Although there are risks associated with the developments on the
housing market, it was also noted that the strong economic activity in Sweden
and abroad indicates only a rather moderate fall in housing prices.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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